The Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Mike Selig, has stated on the X platform that federal law clearly mandates the CFTC's oversight of the derivatives market. According to ChainCatcher, Selig emphasized that the CFTC has explicit jurisdiction to regulate prediction markets across various sectors, including sports, politics, and oil prices, under the federal regulatory framework. He also highlighted the CFTC's duty to uphold these regulations.