Michael Selig

Rule Changes

Declared CFTC would defend prediction markets from state actions

Utah's criminal case against Kalshi now has a courtroom date. A state court summoned chief executive Tarek Mansour and chief operating officer Luana Lopes Lara to answer 14 criminal counts in Salt Lake City on Dec. 4. The charges, filed Oct. 28, rest on 12 sports wagers a state investigator placed from a Utah address between Sept. 13 and Sept. 26.

Updated 3 days ago

Money Moves

Sued Utah on November 3, 2026, to defend federal authority over event contracts

Kalshi raised $1 billion at a $40 billion valuation, up from $22 billion in May. Sequoia Capital and Wellington Management co-led the round. The company says the money will pay for single-stock perpetual futures, contracts tied to computing costs and index products built with S&P.

Updated 6 days ago

Rule Changes

Leading the CFTC's crypto rulemaking

The CFTC's proposed federal framework for crypto trading is in its public comment period. The advance notice, published in the Federal Register on October 13, sets no binding rules. Comments are due December 14, and the notice asks how to design a new category, 'crypto asset markets,' for exchanges that offer leveraged or margined trading to retail customers.

Updated Oct 26

Rule Changes

Facing questions over why his office intervened in a case his own staff flagged

On March 23, about 15 minutes before President Trump posted that he was postponing strikes on Iranian power plants, traders placed billions of dollars in futures bets that oil would fall and stocks would rise. In a two-minute window, roughly $580 million in crude contracts changed hands — 8.5 times the volume traded in the same window the prior week.

Updated Oct 17