U.S. Rep. Gabe Vasquez (D-NM) pressed a key federal official last week about how prediction markets are regulated during a House Agricultural Committee hearing. He said these markets function just like sports betting, but without the same regulations, and that hurts tribal communities. Michael Selig, chairman of the Commodities Future Trading Commission, has maintained that sports-related event contracts are different from gambling and they should be under his commission’s purview.