Atkins Defends CFTC Chair Selig Over Prediction Market Capacity

SEC Chair Paul Atkins defended Commodity Futures Trading Commission Chair Michael Selig in a Tuesday morning interview, calling Selig capable as the agency moves to regulate prediction markets amid questions about its capacity.

Atkins called Selig “capable” and added, “He's doing a great job at the CFTC. He's trying to make sense of the various innovative products that are being traded around the world.”

For fiscal 2027 the CFTC has asked Congress for $410 million, a 12.3% increase from the prior year. The SEC requested $1.908 billion, a smaller figure than its 2026 request. The SEC employs more than 4,000 staff; the CFTC has about 550 employees. Selig is the agency's only commissioner; four seats on the five-member commission remain vacant.

Prediction-market firms such as Polymarket and Kalshi rose in prominence after the 2024 elections and reached multibillion-dollar valuations. The CFTC has sought federal oversight of markets that allow wagers on sports outcomes and broader political and social events. The agency has sued several states seeking exclusive jurisdiction over certain prediction-market activity tied to sports betting. The CFTC's proposed rule text noted “Chairman Selig voted in the affirmative. No Commissioner voted in the negative.” The draft would broadly allow sports betting on prediction platforms while setting limits on wagers tied to terrorism and assassinations.

Lawmakers have pressed the agency on whether it can handle an expanded remit. During an April congressional hearing, House Agriculture Chair Glenn “GT” Thompson asked Selig to notify the committee if additional qualified staff were needed.

Selig has posted that the CFTC is hiring and recruiting staff and that the agency is using artificial intelligence tools to search for insider trading and other misconduct.

Congress is considering legislation that could give the CFTC broader authority over digital assets. That potential expansion, together with the agency's work on prediction markets, would increase the range of activities the CFTC could oversee.

Atkins' remarks were a public expression of support from the SEC chair as the CFTC advances a broad regulatory proposal while facing questions about budget and staffing.