SEC Chair Defends CFTC's Prediction Market Oversight

SEC Chair Paul Atkins has publicly defended CFTC Chair Michael Selig's efforts to regulate prediction markets. This comes amid concerns about the CFTC's capacity and budget to oversee this rapidly expanding sector. Prediction markets allow users to bet on future events, ranging from sports outcomes to the existence of aliens. The CFTC is seeking a significant budget increase for fiscal year 2027, though it remains considerably smaller than the SEC's requested budget.