Michael Selig, President Trump’s new pick to chair the Commodity Futures Trading Commission (CFTC), wrote in a 2024 letter it was “arbitrary and capricious” to ban sports event contracts, while working as outside counsel for a venture capital fund.
The letter suggests that Selig is unlikely to encourage the CFTC to rein in prediction markets as they continue to expand their offerings into the traditional territory of sportsbooks.
Selig — who currently works at the Securities and Exchange Commission (SEC) as chief counsel of the SEC Crypto Task Force — posted on social media site X on Saturday that he had been nominated for the role of CFTC chair, which has been vacant since Rostin Benham left the role in January.
