Prediction markets and pints? Busy day for Selig raises questions over CFTC remit

On Friday, two very different statements from Michael Selig, chairman of the US Commodities Futures Trading Commission, showed just how wide the regulator’s remit is as scrutiny continues to mount over whether the one-man show can effectively police all of its financial beats. The day began with a CFTC announcement that it has filed suit against the state of Arkansas to “block the state’s attempts to halt event-contract trading and impose up to hundreds of millions of dollars in civil penalties on CFTC-registered exchanges”.