CFTC Chairman Michael Selig dismissed claims that mention markets on President Donald Trump’s speeches were listed on US exchanges as “fake news.” However, Kalshi, regulated by the CFTC, offered, and continues to offer, widespread trading on the markets in the country.
Selig’s comments came during a meeting of the CFTC’s Innovation Advisory Committee on Thursday with panels on cryptocurrency, AI, and prediction markets.
CME Chief Executive Terry Duffy criticized the CFTC for allowing trading on mention markets and cited other insider trading scandals.
“If you look at the Maduro situation, if you look at the Trump teleprompter situation, there’s a lot of things that are susceptible, there are some sporting events that are not just outcome-based, they’re individual-based and definitely being manipulated,” Duffy said. “That is not good for our industry. That is horrible for our industry. We are not a bunch of carnival barkers at the circus.”
Selig responded: “I just want to correct the record there. Those products are not listed in the United States. They never were. Those were offshore, and that’s fake news.”
Trump Teleprompter Traded on Kalshi’s Markets in US
Presumably, Selig believed the markets in question were listed on Polymarket’s international exchange. The CFTC regulates its US platform, but appears to take an anything-goes attitude towards its business elsewhere.
However, Trump’s teleprompter is alleged to have wagered on the President’s speeches at Kalshi, which is fully regulated in the US under the CFTC.
Gabriel Perez allegedly placed bets at Kalshi on at least 12 different Trump speeches over a three-month period, according to CFTC investigators.
Kalshi flagged the trading to the CFTC, as emphasized by the company’s head of enforcement, Robert Denault on X.
The Kalshi surveillance team promptly flagged, investigated and referred these trades to the CFTC. We have been assisting regulators on this matter and provided all evidence that we collected, as we do with any referral. https://t.co/1XGX5zatpl
— robertjdenault (@robertjdenault) July 16, 2026
Selig Doubles Down on Error
Duffy gave Selig a chance to correct the error, but he doubled down, repeating the false claim, “The Maduro contract and the teleprompter contract were not listed in the United States.”
In fairness to Selig, the insider trading scandal on the Maduro market occurred on Polymarket’s international platform. US soldier Gannon Ken Van Dyke allegedly participated in the mission to capture the Venezuelan leader and placed wagers on his exit at Polymarket.
Yet the CFTC also filed charges against Van Dyke, and his lawyers filed a motion against them last month.
When announcing the charges, Selig himself commented, “I have been crystal clear that anyone who engages in fraud, manipulation, or insider trading in any of our markets will face the full force of the law. The defendant was entrusted with confidential information about U.S. operations and yet took action that endangered U.S. national security and put the lives of American service members in harm’s way.”
Kalshi also listed a market on when Maduro would leave his post as leader of Venezuela. While Van Dyke is not accused of trading on it, the listing goes against Selig’s claims that it was never listed in the United States. The market attracted over $7.7 million in trading volume. It is unclear why Selig would then take such an emphatic stance, insisting that the markets were never listed in the US.
Trump Mention Markets Continue in US at Kalshi
Kalshi also continues to offer wagering on what Trump will say, even after the teleprompter scandal. The platform pulled mention markets in sports, but still offers trading on the markets in politics.
The site has a page dedicated to markets focused on what Trump will say, including in an upcoming rally with Darlene Graham.
Selig’s comments suggest he believes these markets should not be listed in the US, but the CFTC’s involvement in the Maduro and teleprompter cases makes it clear the agency should know they are listed.
CFTC’s Lack of Regulation Under Fire
If Selig believes companies should be prohibited from listing such markets, his agency has done little to nothing to stop them. Duffy criticized the CFTC for its unwillingness or inability to regulate prediction markets.
“There’s been 2,500 self-certifications since this administration took office in January 2025, of which none have been opposed,” he said.
Not only does the CFTC not oppose any markets, but it actively fights state regulators over prediction market platforms’ right to offer markets that appear to violate the Commodity Exchange Act (CEA).
“We did not amend the Commodity Exchange Act to override the established system for states to develop their own policies and laws regulating gaming,” Sen. Chris Dodd wrote in comments to the CFTC.
Dodd further emphasized that the law should not allow sports event contracts, adding, “The explosion of prediction markets — especially sports wagering and event contracts — represents the type of rampant speculation we sought to prohibit with the Dodd-Frank bill.”
Selig serves as the CFTC’s only commissioner. The regulatory agency typically has five commissioners, and the five-commissioner group is intended to be bipartisan. Trump has publicly supported Selig in continuing his mission to lead the CFTC’s defense of prediction markets.
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CFTC Chairman Michael Selig dismissed claims that mention markets on President Donald Trump’s speeches were listed on US exchanges as “fake news.” However, Kalshi, regulated by the CFTC, offered, and continues to offer, widespread trading on the markets in the country. Selig’s comments came during a meeting of the CFTC’s Innovation Advisory Committee on Thursday
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