Michael Selig, the nominee to chair the Commodity Futures Trading Commission, will go before a senate committee for a confirmation hearing on Wednesday. While cryptocurrency regulation will likely take up much of the hearing, senators are also sure to question Selig on prediction markets, whose event contracts fall under the purview of the CFTC. Selig currently serves as the chief counsel of the SEC's Crypto Task Force. Event contracts are available on prediction markets nationwide and circumvent the state taxes and regulations that traditional sports betting falls under. "I tend to think that someone coming from the crypto policy sphere is generally going to be very supportive of prediction markets," says Andrew Kim, a partner at the law firm Goodwin focused on Sports, Gaming, and Gambling.
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