Democrats Press Brian Quintenz Nominee Selig on CFTC Oversight of Offshore Prediction Market War Bets

The core claim has strong support from CBS News and the text of 17 CFR § 40.11. CBS's 'Lawmakers call for CFTC crackdown on prediction markets after bet on downed U.S. airmen' reports that seven House Democrats sent an April 6 letter to CFTC Chair Michael Selig demanding tighter oversight of prediction markets tied to military events, including Iran-related markets, and explicitly notes that the lawmakers cited an existing CFTC rule banning contracts involving war. The regulation itself, '17 CFR § 40.11 - Review of event contracts based upon certain excluded commodities.,' confirms that registered entities may not list event contracts involving, relating to, or referencing 'terrorism, assassination, war, gaming, or an activity that is unlawful under any State or Federal law.' Although I could not directly fetch The Block article, its search-result snippet aligns with the independently validated reporting. The only notable limitation is that the user text says 'offshore prediction markets'; CBS specifically discusses Polymarket and broader prediction-market oversight rather than independently establishing the offshore characterization in detail. Still, the main assertion about Democrats urging CFTC action and citing the rule barring war-related contracts is well supported.