CFTC Chairman Mike Selig: Clear regulatory rules for prediction markets to avoid offshore black markets CFTC Chairman Mike Selig stated during the discussion at the 2026 Financial Futures Institute that the U.S. must establish a clear and enforceable regulatory framework for the crypto market as soon as possible, or trading activities will inevitably shift overseas or to black markets. Regulators won’t rely solely on litigation but will provide clear standards for the market through guidance and rulemaking. This includes specifying which products can self-certify in the market, which cannot, and how to evaluate different types of crypto products. At the same time, the CFTC also plans to release an “Advance Notice of Proposed Rulemaking” (ANPRM) soon to pave the way for more comprehensive regulatory rules.