CFTC Chair Mike Selig has denied allegations of widespread insider trading in prediction markets, emphasizing the agency's commitment to enforcement. Selig highlighted actions taken within his first 100 days, including system upgrades and legal actions against violators, countering claims of regulatory ambiguity. He affirmed the CFTC's jurisdiction over these markets under the Commodity Exchange Act, warning that overregulation could drive activity offshore. The defense comes amid rapid growth in prediction markets, with volumes reaching $29.8 billion, a 588% increase year-over-year. Platforms like Polymarket and Kalshi dominate, though data reveals a concentration of profits among a small percentage of users. Despite the growth, over 70% of Polymarket users report losses, with a mere 0.1% capturing 67% of profits. The CFTC aims to maintain onshore regulation to prevent market manipulation by foreign actors.