Mike Selig Grilled Over Prediction Market Trades and Hyperliquid

• Lawmakers from both parties pressed Selig on prediction market oversight and trading.
• Democrats flagged oil trades made before Trump’s Iran policy and called for scrutiny.
• Republicans warned Hyperliquid’s offshore futures volume could still harm U.S. consumers.

CFTC Chairman Mike Selig faced sharp bipartisan criticism on Thursday. Lawmakers challenged the agency’s handling of the prediction market sector and offshore crypto derivatives. The hearing centered on products tied to politics, war, death, and perpetual futures.

The House Agriculture Committee led the questioning. Democrats focused on suspicious futures trades made before major announcements from President Donald Trump or actions by his administration. They said unnamed traders had earned hundreds of millions of dollars from those positions.

Prediction Market Scrutiny Deepens

Selig said the CFT…

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