PANews July 22 news, according to The Block, the U.S. House Agriculture Committee’s Digital Assets Subcommittee held a hearing on sports betting prediction markets on Tuesday, with lawmakers discussing whether current laws and CFTC resources are sufficient to regulate this rapidly expanding industry. Over the past year, CFTC Chairman Michael Selig has taken a tough stance, asserting that the agency has “exclusive jurisdiction” over prediction markets and fighting multiple states through litigation.
At the hearing, lawmakers also focused on CFTC resources — the agency’s fiscal year 2027 budget request is $410 million (a 12.3% increase), with around 550 employees, far below the SEC’s $1.9 billion budget and more than 4,000 employees. Agriculture Committee Chairman Glenn Thompson said he would assess whether regulatory gaps exist and consider legislation. Congressman Dusty Johnson noted that derivatives products have undergone massive changes and that existing laws need to address previously unforeseen issues, stating, “The courts and the commission are both acting. Congress should not remain silent. We have work to do here.”
