Christie Says Selig ‘Lied’ to Trump, CFTC Leading ‘Losing Effort’ on Prediction Markets

Former New Jersey Gov. Chris Christie, now a strategic advisor to the American Gaming Association (AGA), believes Commodity Futures Trading Commission (CFTC) Chairman Michael Selig lied to President Trump about the regulator’s legal tussles with states on the prediction market issue. Former New Jersey Gov. Chris Christie (R). He believes the CFTC is off-base in its legal fights against states. (Image: Getty) Selig was appointed by the president last October to lead the commission and has overseen an array of legal engagement with states as the regulator looks to assert authority over prediction markets, leaving states out of the equation. Christie, a Republican, told CNBC that Selig fibbed to Trump at an event at the White House last week designed to tout the Clarity Act and American leadership in cryptocurrency — a confab from which prediction market executives “were uninvited” because the industry is a “drag on” the Clarity Act. “He (Selig) stood in front of the president the other day and lied,” Christie told the financial news network. “He lied to his boss and this is a guy who’s leading a losing effort for the president.” The AGA advisor appears to be inferring that the CFTC chair is misleading the president about the potential for success in various state legal battles. Forty-Four Attorneys General Can’t All Be Wrong Christie points out that the states have won 85% of their cases against prediction markets, adding that 44 attorneys general of both parties “have said that what’s going on with the CFTC is wrong.” That remark is likely in relation to states’ ability to regulate sports wagering — something supported by Congress and the Supreme Court — which is threatened by federally regulated prediction markets offering sports event contracts. “Are 44 of them (attorneys general) wrong, rogue? Republicans and Democrats,” opined Christie. He adds that given the industry’s 85% loss rate in court cases, “it’s time to go home.” Some Wall Street analysts note that even in the cases in which prediction market operators scored victories, it’s usually because of legal technicalities, not merit. The prevailing wisdom in the investment and legal communities is that the ability of prediction markets to continue offering sports event contracts will likely be determined by the Supreme Court. AGA Is no Fan of Prediction Markets The AGA represents commercial and tribal casino operators, among other gaming entities, many of whom also run regulated sportsbooks, so it’s not surprising the trade group is a long-standing, vocal critic of prediction markets. The trade association claims that because yes/no exchanges are offering sports derivatives outside the confines of state gaming regulations, those companies have facilitated a $1.34 billion (and growing) tax hit on states and tribal nations. In an interview with Bloomberg last week, Christie said he expects prediction markets’ losing streak against states to continue. The post Christie Says Selig ‘Lied’ to Trump, CFTC Leading ‘Losing Effort’ on Prediction Markets appeared first on Casino.org.