Republican Lawmakers Push CFTC to Onshore Crypto Platforms and Curb Prediction Market Insider Trading
SR
Skyler Remington
crypto regulation bill · Apr 18, 2026
Source: DojiDoji Data Terminal
US drivers may face price impacts on a gallon of gas due to surging volumes in oil contracts on Hyperliquid. Representative Austin Scott, a Republican from Georgia, identified the rapid growth of these markets as a risk because they lack segregated funds, market surveillance, and US oversight. Scott noted that the products are functionally identical to those traded on the Chicago Mercantile Exchange and the Intercontinental exchange. To address this, Scott asked CFTC head Michael Selig for specific recommendations to onshore certain crypto platforms and ensure they meet the same standards.
Republican lawmakers also expressed concern over the appearance of insider trading on prediction markets, specifically citing markets on Nicholas Maduro’s ouster and the war in Iran. Representative Don Bacon of Nebraska questioned whether the CFTC requires more authorities to combat this activity. In response, Selig stated he plans to formalise new rules for prediction markets and has requested feedback on mention contracts and other prediction market issues. The CFTC regularly rejects contracts it determines are unlawful.
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