Published on: May 9, 2026, 10:54 AM.
Updated on: May 9, 2026, 10:54 AM.
- Bill Miller of the AGA criticizes the CFTC leader as “a joke”
- Miller disapproves of the CFTC’s stance on allowing prediction markets to trade sports-related contracts
Bill Miller and Michael Selig may not be sharing a vacation any time soon. Miller, the president and CEO of the American Gaming Association (AGA), openly expressed his dissatisfaction with the head of the Commodity Futures Trading Commission (CFTC) during a recent gathering in Las Vegas.
During the “The Insider’s View on Las Vegas and Gaming in 2026” event held at Park MGM and organized by The Economic Club of Las Vegas, Miller criticized the CFTC for its decision to permit prediction markets to engage in trading contracts based on sports results. Under the leadership of Selig, appointed by Trump, the CFTC asserts its authority over regulating sports trading within derivative markets.
Miller, along with numerous state legislators, attorneys general, and gaming regulators, believes that these prediction markets are infringing upon state laws concerning sports betting.
Selig Considered ‘A Joke’
The topic of prediction markets was a focal point during the discussions, which also featured Mike Dreitzer, chair of the Nevada Gaming Control Board. Miller voiced his view that the CFTC has exceeded its original role aimed at overseeing the Commodity Exchange Act.
“The CFTC leader is, quite frankly, a joke,” stated Miller. “A federal regulator responsible for overseeing derivatives related to agricultural contracts shouldn’t be involved in [sports betting].”
Established in 1974, the CFTC functions as an independent federal agency tasked with overseeing various derivatives markets, including futures contracts, swaps, and options. The agency has primarily focused on managing futures contracts for agricultural commodities.
“American agricultural producers utilize derivatives markets to manage daily risks, such as low commodity prices and heightened input costs. These producers rely on the CFTC’s supervision to effectively hedge those risks and ascertain market prices,” explains the CFTC’s official statement.
However, during Selig’s leadership at the CFTC, the agency has permitted trading on events such as the Lakers vs. Thunder NBA Playoffs series. Selig argues that this type of trading represents an “innovative financial product” that falls under his regulatory jurisdiction.
“Despite skepticism towards these innovative financial products, we firmly assert our jurisdiction and remain dedicated to its protection. These markets offer significant advantages to individuals, businesses, and the overall economy. We will persist in ensuring their integrity and growth,” Selig stated in a recent announcement addressing concerns.
“The CFTC remains committed to thourough oversight of prediction markets. These platforms operate as federally regulated exchanges with clearinghouses and comprehensive investor protections, comparable to those in other derivatives markets. Our agency is dedicated to these markets’ thorough and responsible regulation,” Selig added.
Trump-Linked Prediction Market
Donald Trump Jr. serves as a consultant for both Kalshi and Polymarket.
Last fall, Trump Media & Technology Group (TMTG) revealed plans to establish its own prediction market termed Truth Predict, developed in partnership with Crypto.com, a registered exchange with the CFTC.