Bipartisan Senate Bill Targets Sports Betting on Prediction Markets
A bipartisan group of U.S. senators has introduced legislation aimed at prohibiting Commodity Futures Trading Commission (CFTC)-regulated entities from listing contracts related to sporting events. The bill specifically targets prediction market platforms such as Kalshi and Polymarket's U.S. operations, seeking to ban not only sports betting but also 'casino-style games' like slot machines and blackjack. Senator Adam Schiff (D-Calif.) argues that the CFTC is improperly promoting these markets, which he claims violate state consumer protections and tribal sovereignty while generating no public revenue. Co-sponsor Senator John Curtis (R-Utah) highlighted concerns regarding youth exposure to addictive gambling behaviors. This marks the first bipartisan Senate effort to regulate prediction markets, signaling a potential shift in federal oversight toward these digital trading venues.
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Bipartisan Senate Bill Targets Sports Betting on Prediction Markets
A bipartisan group of U.S. senators has introduced legislation aimed at prohibiting Commodity Futures Trading Commission (CFTC)-regulated entities from listing contracts related to sporting events. The bill specifically targets prediction market platforms such as Kalshi and Polymarket's U.S. operations, seeking to ban not only sports betting but also 'casino-style games' like slot machines and blackjack. Senator Adam Schiff (D-Calif.) argues that the CFTC is improperly promoting these markets, which he claims violate state consumer protections and tribal sovereignty while generating no public revenue. Co-sponsor Senator John Curtis (R-Utah) highlighted concerns regarding youth exposure to addictive gambling behaviors. This marks the first bipartisan Senate effort to regulate prediction markets, signaling a potential shift in federal oversight toward these digital trading venues.
WSJ.com: Markets