Hearing to Receive Testimony from the Honorable Michael S. Selig, Chairman, CFTC

The House Committee on Agriculture held a hearing on April 16, 2026, featuring testimony from Michael S. Selig, Chairman of the Commodity Futures Trading Commission (CFTC). The discussion focused extensively on the CFTC's regulatory role over traditional commodity derivatives markets, emerging digital asset markets, and prediction markets. Chairman Selig highlighted efforts to modernize the agency, reduce regulatory burdens for farmers and small businesses, and enhance enforcement against fraud, manipulation, and insider trading, particularly in rapidly evolving markets such as digital assets and event contracts. Members expressed concerns about staffing shortages, funding adequacy, and the need for clear statutory authority, especially regarding prediction markets that resemble gambling and pose risks to tribal sovereignty and market integrity. The hearing also addressed the importance of bipartisan commissioner appointments, the agency's use of AI and automation for surveillance, and ongoing litigation defending the CFTC's jurisdiction. Several members urged Congress to pass the Clarity Act to provide regulatory certainty for digital assets and to support legislation addressing insider trading in prediction markets. The committee emphasized the need for robust consumer protections, transparent market operations, and collaboration with states and tribal governments. Chairman Selig committed to continuing enforcement efforts and working with Congress on legislative priorities to ensure the CFTC can effectively oversee complex and innovative financial markets.