1 week ago
Senator Elizabeth Warren (D-Mass.) issued a scathing rebuke of the Commodity Futures Trading Commission (CFTC) on Wednesday, following Chairman Michael Selig's announcement that the federal agency would intervene in state-led lawsuits to defend the “exclusive jurisdiction” of prediction markets.
Defending State Sovereignty
Warren characterized the move by the Donald Trump-appointed chairman as a direct assault on the rights of individual states to oversee betting activities.
She argued that by shielding platforms like Kalshi and Crypto.com from local enforcement, the federal government is effectively legalizing unlicensed wagering under the guise of financial innovation.
"Trump's CFTC is trying to strip states’ authority to regulate gambling within their borders and protect Americans from getting ripped off," Warren stated in a sharp response on X.
The Senator’s comments follow Chairman Selig's video announcement on Feb. 18, 2026, in which he confirmed the CFTC had filed an amicus brief in federal court.
Selig argued that prediction markets—where users trade contracts on events ranging from the Super Bowl to energy prices—are “derivatives, plain and simple,” and should ...
