Senator Warren demands CFTC answers on crypto and prediction market oversight
Senator Elizabeth Warren sent a letter Monday, June 8, to CFTC Chairman Michael Selig demanding answers on the agency's oversight of crypto and prediction markets. Warren questioned how the regulator is policing both sectors, adding pressure as the CFTC manages digital asset and event-contract platforms. The Massachusetts Democrat flagged workforce cuts and enforcement changes at the regulator under the Trump administration. The letter follows separate calls from congressional Democrats for an inspector general probe into the CFTC's jurisdictional claims over prediction markets and its withdrawal of prior guidance on event contracts. Rep. Dina Titus (D-Nev.), Co-Chair of the Congressional Gaming Caucus, separately urged the inspector general to investigate the CFTC's regulatory position on prediction markets.
CFTC Chairman Selig must now answer Warren in writing while simultaneously defending the agency's event-contract framework in court and against inspector-general scrutiny. Any admission of weakened enforcement capacity hands Congress ammunition to override the CFTC's prediction-market jurisdiction.
The letter joins Warren's own records demand on staff exits and Polymarket oversight, forming a two-front congressional pressure campaign on CFTC Chairman Selig as the agency fights Minnesota's state ban in federal court.