“It is time for clear rules and a clear understanding that the CFTC supports lawful innovation in these [prediction] markets,” Selig declared in a public statement. He also directed them to scrap the 2025 advisory that urged prediction markets to exercise caution over offering sports contracts due to legal concerns. Selig Wants Clarity For Prediction Market ParticipantsIn addition, the CFTC is drafting “clear standards” for event contracts. Prediction MarketsThe fresh set of guidelines comes at a time when prediction markets are facing increased legal scrutiny from state authorities. Coinbase and Robinhood, which is also seeking to offer betting contracts, closed lower during the regular trading session.