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On August 21, The Block reported that during a meeting of the U.S. Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee, CME CEO Terrence Duffy clashed with CFTC Chair Michael Selig and Kalshi COO Luana Lopes Lara over issues related to the regulation of prediction markets. Duffy pointed out that some prediction market contracts are susceptible to manipulation, specifically mentioning contracts related to Trump's State of the Union address and the potential ousting of Venezuelan President Maduro as possibly being manipulated. Selig interrupted, stating that these products are not listed in the U.S., calling it 'fake news.' Duffy retorted, 'We can argue, I'm happy to.' The two also sparred over Lopes Lara's question about whether CME faces market manipulation issues, with Duffy asserting, 'I have more regulatory staff than you and your entire company combined.' Lopes Lara responded, 'Maybe you should learn about efficiency,' to which Duffy shot back, 'Maybe you should learn what a credible market is.' This confrontation comes amid a struggle between federal and state regulators over the authority to regulate prediction markets, with the CFTC having filed lawsuits against several states and proposed a regulatory framework.

On August 21, The Block reported that during a meeting of the U.S. Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee, CME CEO Terrence Duffy clashed with CFTC Chair Michael Selig and Kalshi COO Luana Lopes Lara over issues related to the regulation of prediction markets. Duffy pointed out that some prediction market contracts are susceptible to manipulation, specifically mentioning contracts related to Trump's State of the Union address and the potential ousting of Venezuelan President Maduro as possibly being manipulated. Selig interrupted, stating that these products are not listed in the U.S., calling it 'fake news.' Duffy retorted, 'We can argue, I'm happy to.' The two also sparred over a question from Kalshi's COO regarding whether CME faces market manipulation issues, with Duffy asserting, 'I have more staff in my regulatory department than you and your entire company.' Lopes Lara responded, 'Maybe you should learn about efficiency,' to which Duffy countered, 'Maybe you should learn what a credible market is.' This confrontation comes amid a struggle between federal and state regulators over the authority to regulate prediction markets, with the CFTC having filed lawsuits against several states and proposed a regulatory framework.

On August 21, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that even if the U.S. Congress fails to pass the Clarity Act, the crypto industry will still receive market structure regulatory rules. Selig mentioned that the CFTC can establish a regulatory framework through rule-making or legislative initiatives. He noted that the CFTC is currently evaluating several crypto regulatory rules while continuing to monitor the progress of the Clarity Act. The bill is currently stalled in the U.S. Senate, with a procedural vote expected in mid-September, but it remains uncertain whether it will secure enough votes before the U.S. midterm elections. Selig remarked that legislation is the 'most reliable way,' but the CFTC already possesses significant regulatory authority under existing laws. If Congress ultimately fails to pass the relevant bills, the CFTC will utilize its existing powers to establish regulatory rules. Meanwhile, the CFTC is exploring the creation of a new regulated platform, tentatively named the 'Crypto Asset Market,' which would allow users to engage in leveraged or margin trading. The CFTC is also in discussions with developers of on-chain financial enterprises to explore ways for them to operate legally in the U.S. These measures could provide a compliance pathway for unregistered crypto platforms currently operating overseas to enter the U.S. market. Regarding prediction markets, Selig stated that the CFTC is accelerating the development of regulatory rules for event contracts on platforms such as Kalshi, Underdog, and Polymarket US, and indicated that these rules will be completed 'soon.' Previously, the CFTC proposed regulatory measures to restrict prediction contracts related to war, terrorism, and assassination, while planning to enhance consumer protection for retail investors. Additionally, Selig launched a public comment solicitation this week for AI computing power futures, exploring the potential of using computing power that supports the AI industry as a derivative asset. He stated that if the U.S. wants to win the AI competition, it must dominate the computing power market, calling computing power 'the most important commodity of this era.' Currently, trading platforms such as CME Group, Intercontinental Exchange (ICE), and Architect Financial Technologies have announced plans to launch AI computing power futures, although these products still await regulatory approval. Selig mentioned that the CFTC is collaborating with the U.S. Department of Commerce to develop relevant standards and expects to announce further progress in the coming months.