The Commodity Futures Trading Commission (CFTC) Chairman Mike Selig has defended his agency's "exclusive regulatory authority" to oversee prediction markets in court. Selig stated that if a validly offered product within a CFTC-regulated exchange, then the CFTC will regulate that. The agency's lawsuits against Arizona, Illinois, and Connecticut support these claims. The CFTC has also launched a major litigation effort to support prediction markets' claims that they are providing derivatives products under the Commodable Exchange Act, rather than gambling services regulated by states. The regulator is currently working through the formal rulemaking process to clarify its oversight of prediction markets.