Key ideas from Michael Selig

• CFTC Chairman Mike Seelig emphasizes the agency regulates risk management, not merit-based decisions on what people should trade
• Prediction markets like Polymarket and Kalshi operate under different rules than traditional sports betting through 'no action letters'
• The CFTC has authority to police insider trading in commodities markets, including prediction markets with informational asymmetries
• Seelig confirms the agency is surveilling markets and collecting data on participants, including sports league associations
• The definition of 'commodity' is extraordinarily broad, including virtually everything except expressly carved-out items like onions
• Trump family investments in prediction market companies raise questions about regulatory independence and policy incentives
• Age requirements for prediction markets default to 18 (futures trading) versus 21 (gambling) in many states, effectively lowering betting age
• The CFTC lost all 20 enforcement officers from its Chicago office, though Seelig maintains the agency has adequate resources