Senator Warren questions the CFTC's ability to regulate cryptocurrency and prediction markets
According to The Block, U.S. Senator Elizabeth Warren sent a letter to Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, questioning whether the agency is capable of taking on greater regulatory responsibilities for cryptocurrency and prediction markets. Warren pointed out that CFTC's staff has decreased by about 25%, and enforcement activities have significantly declined, stating that expanding responsibilities would be a "recipe for disaster." She criticized the CFTC's handling of cases involving Gemini, Polymarket, and Crypto.com, and noted that officials attempting to raise concerns about the relevant companies have been sidelined from the agency. Selig insisted that prediction markets and event contracts fall under CFTC's "exclusive jurisdiction," and the agency has even sued several states attempting to ban the operation of prediction market platforms. In her letter, Warren requested the agency to provide records related to personnel changes, communications with prediction market companies, and the Clarity Act.
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