Commodity Futures Trading Chairman Michael Selig said today that the agency is in active discussions with all major sports leagues about prediction market integrity, as the industry’s biggest backer builds out institutional trading infrastructure.

“We’re talking to all the sports leagues because it’s critical that they’ve got the best information as to what’s manipulable in their markets and where the insider trading risks are,” Selig said.

From MLB To Every League

The comments come weeks after the CFTC signed a first-of-its-kind memorandum of understanding with Major League Baseball, establishing confidential information-sharing between the league and the federal regulator. Polymarket already holds exclusive prediction market partnerships with MLB, the NHL, MLS and UFC, suggesting NFL and NBA frameworks could follow.

Selig, speaking on the Faro Radio podcast, framed the push as urgent. “I’m concerned we’ll see the same with prediction markets if we keep pushing it offshore into the unregulated space,” he said, drawing a parallel to the FTX collapse.

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Paradigm Wants A Prediction Market Trading Terminal

While the regulator builds the integrity framework, the money is building the trading infrastructure. Crypto venture firm Paradigm is developing a prediction market trading terminal for professional traders and market makers.

Sources told Fortune that Paradigm is also considering launching its own market-making desk and exploring prediction market indices that would bundle multiple contracts into one tradeable product.

Paradigm led Kalshi’s $1 billion funding round at an $11 billion valuation in late 2025. The company has since raised another $1 billion at a $22 billion valuation.

The Institutional Land Grab

Intercontinental Exchange (NYSE:ICE), parent of the New York Stock Exchange, has invested up to $2 billion in Polymarket and became a global distributor of the platform’s event-driven data to institutional investors.

Robinhood Markets Inc (NASDAQ:HOOD) already distributes Kalshi contracts. JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon told CBS Evening News on Tuesday that the bank may offer prediction markets one day.

Monthly volume across Kalshi and Polymarket topped $22 billion combined in March, both platforms posting all-time highs.

‘We’re going to set up the best-in-class gold standard for both crypto and prediction markets here in the US” Selig said. “We expect the United States to lead for many years to come.”

Photo: Mark J. Rebilas – Imagn Images