SEC Chair defends CFTC's ability to oversee prediction markets

U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins has defended the Commodity Futures Trading Commission (CFTC) against concerns that it lacks the capacity to oversee prediction markets. In an interview with CNBC, when asked if the CFTC has enough funding for the role, Atkins praised CFTC Chairman Mike Selig as a capable individual. He added that Selig is doing a great job at the CFTC and is trying to understand the various innovative products traded worldwide. According to The Block, the CFTC is a smaller agency than the SEC in terms of both staff and budget. The CFTC has around 550 employees, compared to the SEC's more than 4,000, and has requested a budget of $410 million for the 2027 fiscal year, while the SEC has requested $1.908 billion.