PANews reported on May 12th, citing CoinDesk, that Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the agency is in discussions with all major professional sports leagues outside of Major League Baseball to promote data sharing in order to monitor insider trading and manipulation in sports contracts. The CFTC has filed lawsuits against "about five or six states" attempting to block federally regulated sports contracts, emphasizing that derivatives listed on the CFTC exchange should be subject to federal regulation, not state gambling laws. Selig pointed out that regulators have begun investigating insider trading cases in prediction markets and are coordinating with the SEC to review exchange-traded products such as ETFs related to prediction market strategies, indicating that prediction markets are rapidly expanding into mainstream financial products.