The White House Begins Review of CFTC’s Proposed Predictive Market Rules

ChainCatcher report, according to The Block, the Office of Information and Regulatory Affairs (OIRA), under the White House Office of Management and Budget, stated on its website on Tuesday that it has received the proposed rule on prediction markets submitted by the Commodity Futures Trading Commission (CFTC) and is currently reviewing it. A CFTC spokesperson said more information will be released after the OIRA review is complete. CFTC Chair Michael Selig has consistently argued that prediction markets fall under his agency’s exclusive jurisdiction and has filed lawsuits against five states—Wisconsin, Illinois, Arizona, Connecticut, and New York. On Tuesday, Trump publicly supported Selig, stating that the CFTC’s exclusive jurisdiction over prediction markets is “critical.”