CFTC Chair Mike Selig has reaffirmed that the Commodity Futures Trading Commission holds exclusive jurisdiction over prediction markets, citing the cross-border nature of fraud and manipulation. Selig stated that prediction market exchanges operate as interstate businesses matching buy and sell orders from customers nationwide. Congress has authorized the CFTC to enforce uniform standards for monitoring and prosecuting fraud and manipulation while protecting customer funds across state lines. The agency maintains that federal oversight is necessary because these risks are not confined by state boundaries.