SEC Chair Atkins defends CFTC's Selig despite questions over agency's ability to regulate prediction markets

U.S. Securities and Exchange Commission Chair Paul Atkins came to the defense of Commodity Futures Trading Commission Michael Selig as the derivatives agency digs in its heels on regulating prediction markets, despite concerns that it lacks the capacity to oversee the fast-growing sector.

On Tuesday morning, during an interview with CNBC, Atkins was asked whether the CFTC has enough money to oversee prediction markets.

For the fiscal year 2027, the CFTC has asked Congress for a budget of $410 million, an increase of about 12.3% from the previous year. In comparison, the SEC is asking for $1.908 billion, a decrease from fiscal year 2026. In terms of staff, the SEC is much larger with over 4,000 employees, compared to about 550 employees at the CFTC.

Selig is "capable," Atkins said.

"He's doing a great job at the CFTC," Atkins said. "He's trying to make sense of the various innovative products that are being traded around the world."