PANews May 6 news, according to The Block, the chairman of the Commodity Futures Trading Commission (CFTC) Michael Selig stated that the CFTC is considering establishing rules to consolidate its protective stance toward non-custodial software developers. In March of this year, the CFTC issued a no-action letter regarding the cryptocurrency wallet Phantom, stating that it would not take enforcement action for its failure to register as a broker and made it clear that qualifying self-custody wallet software developers do not need to register as brokers. Selig mentioned that the CFTC is seeking to formally incorporate this stance into rulemaking. Additionally, Selig reiterated that prediction markets fall under the exclusive jurisdiction of the CFTC and will continue to sue states that violate federal jurisdiction. The CFTC has previously sued the states of Wisconsin, Illinois, Arizona, Connecticut, and New York.

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