CFTC Chairman Selig publicly defended federal regulatory authority over prediction markets as Utah state prosecutors moved to charge the founders of Kalshi, a federally regulated event trading platform. Selig characterized the state-level prosecution as "blatant overreach," asserting that CFTC-regulated entities should not face separate state criminal charges for activities permitted under federal oversight. Utah has already secured an initial ruling against Kalshi in the dispute, and Selig's statement does not halt the ongoing case. The confrontation highlights escalating tensions between federal regulators and state authorities over jurisdiction in the rapidly growing prediction market sector.