Search results for Mike Selig
Crypto
U.S. senators urge CFTC probe into Polymarket over alleged deceptive marketing
Two U.S. senators asked the Commodity Futures Trading Commission to investigate allegations of deceptive marketing by prediction market platform Polymarket and to provide written answers. The lawmakers cited reports that Polymarket paid social media influencers to produce fake trading videos on sites resembling the platform. A Wall Street Journal report said it reviewed more than 1,100 videos, with about 70 percent showing fake bets totaling nearly $2 million.
Crypto
U.S. CFTC consults major pro sports leagues to crack down on prediction markets
The U.S. Commodity Futures Trading Commission is consulting major U.S. professional sports leagues to strengthen oversight of sports-related prediction markets. Chairman Mike Selig said the agency signed a memorandum of understanding with Major League Baseball and is in talks with all pro leagues. The CFTC is widening cooperation to monitor insider trading and price manipulation linked to sports event contracts, amid prediction markets expanding into sports and jurisdiction disputes with state gaming regulators.
Crypto
U.S. CFTC says AI will review crypto registration amid staff cuts
The U.S. Commodity Futures Trading Commission is expanding its use of artificial intelligence to review crypto registration applications and to monitor markets. Chairman Mike Selig said the agency is adopting AI and automation to fill gaps created by staff reductions, with headcount down more than 20 percent under President Donald Trump’s federal workforce policy. The CFTC is building an automated registration system and training staff on Microsoft Copilot while developing in-house tools.
