Chris Giancarlo

Think about that types of predictability in our lives that we're now going to enjoy once these markets are properly regulated and licensed.

And that's the reason why I filed my amicus brief, because what's happened is under the Biden administration of not asserting federal jurisdiction in this area or challenging federal jurisdiction, the courts have been left to making decisions and they're making a patchwork of decisions at the state and local level.

It reminds me a lot of when Uber first came out and people said, wow, ride sharing is a really great service, only to discover they flew into a local airport and there was no ride sharing available because the local monopolies, taxi monopolies or taxi and limousine commissions limited their access.

And it was only when society said, no, no, no, no, we want the service and we're going to bust through these monopolies to make it available everywhere that ride sharing really took off.

I think the same thing is going to happen with prediction markets.

But fortunately, this time around, Congress gave a federal agency, the CFTC, the Commodity Futures Trading Commission, which I formerly chaired, authority over these markets and preemptive authority over state and locals.

Up till now, though, the role of the CFTC has been given short shrift in a lot of these cases.

And Mike Selig is still getting his feet under his desk at the CFTC.

So as a former chairman, I decided to file a brief in a major case that's taking place between the state of Nevada and Crypto.com, where the federal preemption argument was rejected at the local level, and now it's gone to the Ninth Circuit.

And I inserted a brief making clear that Congress intended for federal preemption.

It really was something of a placeholder before the CFTC itself can intervene.

And just last week, they announced that they do intend to intervene in that case.

So look, CFTC has been regulating contract markets for 90 years.

They've worked out where there are fraudulent activities, market manipulation in traditional markets like wheat futures and gold futures.

And they're still, you know, going after people today.

The same thing will happen in prediction markets.

Once it's clear the CFTC's authority, then they will write the rules.

They will work out these issues.

I think you're absolutely right in things like these mention contracts.

Will somebody mention something in a press conference?