CFTC Submits Prediction Market Regulation Proposal to White House for Review

The U.S. Commodity Futures Trading Commission (CFTC) has submitted its proposed regulation for prediction markets to the White House Office of Information and Regulatory Affairs (OIRA). The submission date was May 26. Bloomberg reported that the CFTC filed a regulatory proposal outlining standards for betting on event outcomes in prediction markets and event contracts, which is now undergoing OIRA review. OIRA review is a standard procedure required before major regulations are published.

CFTC Chairman Michael Selig stated that even without progress on congressional legislation regarding virtual asset market structure, the commission would proceed with regulating the virtual asset market using existing legal authority, according to Odele. However, the publicly disclosed nature of this regulatory proposal submitted to the White House pertains specifically to prediction markets, not the broader virtual asset market.