CME Group CEO Terry Duffy Clashes With CFTC Chair Over Prediction Markets

CME Group CEO Terry Duffy told the Commodity Futures Trading Commission (CFTC) it clears contracts that traders can rig. Chairman Michael Selig cut him off and called the claim fake news.

The exchange happened Thursday in Washington, at the first meeting of the CFTC's Innovation Advisory Committee. Duffy runs the largest futures exchange in the world. Selig regulates it.

2,500 Filings and Zero Objections

Selig built the 35-member committee in February. Its roster includes the chief executives of Kalshi, Polymarket and DraftKings. Thursday's agenda covered crypto, artificial intelligence and event contracts.

Duffy used his turn to attack the last one.

Roughly 2,500 self-certifications have landed at the agency since January 2025, he said. None were opposed.

Self-certification is the fast lane. An exchange files a contract, attests that it follows the law, and lists it. Nobody has to approve it.

Duffy said some of those filings break core principle 3. That rule bars any contract that traders can readily manipulate.

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