Crypto · DL News
“Markets settled just by words spoken on earnings calls, and a story about a journalist being threatened over his reporting
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Their question is, do you need more authorities?” Democrats’ attacks To be sure, Democrats were more aggressive in their questioning on Thursday, using Selig’s appearance as an opportunity to hammer oft-repeated talking points about the dangers of unregulated prediction markets, understaffing at the CFTC, and…
Key facts
- Ever since President Donald Trump took office in January 2025, Democrats have used congressional hearings to attack the administration’s laissez-faire regulation of novel financial products
- And the reporter inherited a lot of these contracts when the reporter took office just over 100 days ago
- if Robinhood recognizes these contracts as susceptible to manipulation in trading, why doesn't the CFTC?” North Carolina’s Alma Adams asked
- And the reporter thinks it's insulting that you’re insinuating that they would play political games.” Aleks Gilbert is DL News’ New York-based DeFi correspondent
Summary
CFTC Chair Mike Selig defended his agency’s approach to prediction markets regulation at a Thursday hearing. Republican lawmakers asked Selig for assistance crafting legislation to rein in crypto and prediction markets. Republican lawmakers on Thursday asked Michael Selig, the head of the Commodity Futures Trading Commission, for assistance crafting legislation to onshore certain crypto platforms and to combat insider trading on prediction markets. Ever since President Donald Trump took office in January 2025, Democrats have used congressional hearings to attack the administration’s laissez-faire regulation of novel financial products. Representative Austin Scott, a Republican from Georgia, said he was concerned by the rapid growth of Hyperliquid’s oil markets. “I've seen some of the uncomfortable stories related to prediction markets in recent months, including the markets on Maduro’s ouster and the war in Iran,” he said. “Markets settled by words spoken on earnings calls, and a story about a journalist being threatened over his reporting.
Selig said he couldn’t provide an exact figure. And the reporter inherited a lot of these contracts when the reporter took office over 100 days ago.” Representative Jim McGovern, a Democrat from Massachusetts, noted that Donald Trump Jr, the president’s eldest son, was an advisor to both Kalshi and Polymarket. McGovern asked whether that was the reason the CFTC dropped an investigation into Polymarket last year. And the reporter thinks it's insulting that you’re insinuating that they would play political games.” Aleks Gilbert is DL News’ New York-based DeFi correspondent. You can reach him at [email protected] .