According to The Block, SEC Chair Paul Atkins stated during a Senate Banking Committee hearing that prediction markets are a “major issue” regulators are closely monitoring, and confirmed that the SEC and CFTC are collaborating closely to address regulatory challenges in this space. Atkins noted that prediction markets present potential jurisdictional overlaps, despite being primarily regulated by the CFTC. As prediction market platforms such as Kalshi and Polymarket have grown rapidly over the past year, jurisdictional disputes have emerged between state and federal regulators. CFTC Chair Michael Selig also emphasized the importance of establishing appropriate rules to ensure these markets thrive in the U.S. without being pushed overseas.
SEC Chair Atkins calls prediction markets a 'major issue' and confirms closer regulatory cooperation between the SEC and CFTC.
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Summary
SEC Chair Paul Atkins raised concerns about prediction markets during a Senate Banking Committee hearing, calling them a "major issue" amid a regulatory crackdown. He confirmed closer coordination between the SEC and CFTC to address overlapping oversight. CFTC Chair Michael Selig emphasized the need for clear rules to support liquidity and crypto markets in the U.S. and prevent activity from shifting overseas.
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