PANews reported on May 2 that, according to The Information, Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), is pushing to limit state intervention in prediction markets in order to prevent state-level regulations from hindering the industry's development.

Since taking office several months ago, Michael Selig has quickly set about creating a more relaxed federal regulatory environment for the prediction market, enabling more American users to participate in betting on the outcomes of sporting events and other activities. A sports enthusiast himself, Michael Selig's office is filled with sports memorabilia, including Philadelphia Eagles merchandise, reflecting his long-standing focus on the sports betting market.