Techub News reports that, according to The Block, SEC Chairman Paul Atkins stated at a Senate Banking Committee hearing that prediction markets are a "huge issue" and a regulatory focus he shares with CFTC Chairman Michael Selig. Atkins pointed out that prediction markets have "potential jurisdictional overlaps," currently mainly under CFTC jurisdiction, but the two agencies will work together. When asked whether clear rules will be established, he said "it's still to be seen," and noted that "securities are securities, and the definition of prediction markets and their products depends on specific language." CFTC Chairman Selig said he will ensure that "reasonable rules and protections" are put in place for prediction markets to prevent them from being pushed overseas.