Selig Capable of Overseeing Crypto Businesses Despite CFTC Budget Constraints

SEC Chairman Paul Atkins has expressed confidence in Michael Selig's capabilities to oversee prediction markets and crypto businesses. According to The Block, Atkins stated this in an interview with CNBC. Although the CFTC's budget and staff are significantly smaller compared to the SEC, Selig is reportedly working hard to clarify global innovative products, including prediction markets and crypto assets. For the 2027 fiscal year, the CFTC plans to request a $410 million budget from Congress, with about 550 employees. In contrast, the SEC's budget is approximately $1.908 billion with more than 4,000 employees.