You are correct: the CFTC has primary authority over commodities and futures. I'm glad you pointed this out because in looking up who it was I learned that the cFTC (not the SEC) has regulatory authority over prediction markets too. That was new information.

This made me curious: who regulates sports betting? And the answer seems to be... nobody. Well, the states. I guess I should've known that because I know some states ban sports betting.

But that's interesting compared to prediction marekts. Since they're federally regulated, states don't have as much control. And I see that the current CFTC commissioner is suing states to block prediction markets. And prediction markets can and do allow sports betting.

Another "win" for dual sovereignty.