Senators Introduce Prediction Markets Gambling Ban
Senators Adam Schiff (D-Calif.) and John Curtis (R-Utah) introduced a bill on Monday to ban prediction markets such as Kalshi and Polymarket from accepting or listing transactions tied to sporting events and casino-style games. The bill would bar CFTC-registered entities from offering such contracts, citing state consumer protections and tribal sovereignty. It could shift oversight to states and affect platforms' trading volumes and valuations.
Key Points
- 1Proposes banning CFTC-registered platforms from listing sporting-event and casino-style contracts nationwide.
- 2Cites state consumer protections, tribal sovereignty, and federal-state regulatory gap as primary reasons.
- 3Could shift oversight to states, curtail trading volumes and affect Kalshi/Polymarket business models.
Scoring Rationale
Bipartisan federal legislation targets major platforms, raising regulatory impact; score limited by narrow focus on sports and casino-style contracts.
Sources
Public references used for this report.
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