Overview
- CFTC Chair Michael Selig, testifying Thursday before the House Agriculture Committee, pledged to prosecute fraud, manipulation, and insider trading across the markets the agency oversees.
- His appearance followed media reports that the CFTC is looking into oil futures trades placed shortly before major policy moves by President Donald Trump, raising concern on Capitol Hill about potential misuse of inside information.
- Operating as the commission’s sole member, Selig said he will not pause new rules, rejecting Democratic calls to delay rulemaking until additional commissioners are confirmed.
- Lawmakers pressed Selig on the CFTC’s claim to regulate prediction markets, including wagers tied to war and deaths, and he said a proposed rule for public comment is in the works.
- Members in both parties flagged risks from fast-growing crypto derivatives, with Republicans citing the offshore exchange Hyperliquid, as the CFTC’s expanding remit strains an agency with a budget under $400 million.