CME CEO spars with CFTC chair about need to regulate prediction market

Nicola M White / Bloomberg08-21

CME Group Inc CEO Terry Duffy told the Commodity Futures Trading Commission chairman Michael Selig that the agency needed to do more to prevent manipulation on prediction markets.Aug 21): The head of ...

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popularity over the past 18 months. Polymarket and Kalshi are the two largest players in the space and both say they are opposed to insider trading and actively police the markets.\nKalshi and Polymarket US are overseen by the CFTC while Polymarket's main business operates offshore. \nCME chief executive officer Terry Duffy pointed to a high-profile case accusing a US Army soldier of placing offshore Polymarket bets about the ouster of then-Venezuelan President Nicolás Maduro as an example. That soldier has pleaded not guilty to the charges. Duffy also referenced a CFTC investigation into a White House teleprompter operator who allegedly placed bets on Kalshi about President Donald Trump's speeches.\nIn both situations, Polymarket and Kalshi said they referred the suspicious trades to authorities. \n\nCFTC chairman Michael Selig\n \nCFTC chairman Michael Selig\n\nThere are \"definitely people that are manipulating these contracts. That is not good for our industry,\" Duffy said on Thursday at a meeting with the CFTC and industry executives. \"We're not a bunch of carnival barkers at a circus.\"\nCFTC chairman Michael Selig shot back \"that's fake news\" and dismissed the criticism. \n\"Fake news? OK, that's a cute comment,\" Duffy said.\nThe exchange at the inaugural meeting of the agency's much-touted innovation committee showed the cracks in the relationship between the industry stalwart and the CFTC. It also showed tensions between traditional corners of the market and buzzy newcomers.\nDuring the event, Kalshi co-founder Luana Lopes Lara asked the CME chief if his exchange had ever had any market manipulation issues. Duffy said his regulatory department had more employees than all of Kalshi.\n\"Maybe you should learn a bit about efficiency then,\" Lopes Lara said.\nMeanwhile, Polymarket founder Shayne Coplan said his firm's trading was on a blockchain that could be observable at any time, providing the trading history of every participant and a \"level of transparency that's unprecedented,\" Coplan said.\n\"No one I think is here saying, hey, 'We don't want to be held accountable for mistakes or missteps,'\" he said.\nA representative for Kalshi declined to comment further on the matter. Polymarket didn't immediately respond to a request for comment. \nCME's main rival, Intercontinental Exchange Inc (ICE), has invested more than US$1.6 billion in Polymarket. ICE CEO Jeff Sprecher said earlier on Thursday that his company was looking at participating in Polymarket's latest funding round.\nCME is also at odds with the CFTC over perpetual futures, never-expiring, highly leveraged derivatives popular in digital asset markets. The company sued the regulator in June after Kalshi got signoff from the CFTC to offer so-called perps tied to crypto tokens.\n\nUploaded by Felyx Teoh","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2661294428","isCrawlerRequest":true}