Lawmakers move to ban sports betting on prediction markets in bipartisan Senate push: WSJ
The Block
Senators are proposing a bill to ban sports and casino-style betting on prediction markets regulated by the CFTC.Summary
A bipartisan group of U.S. senators, Adam Schiff and John Curtis, plans to introduce legislation to prohibit federally regulated prediction-market platforms like Kalshi and Polymarket from offering contracts related to sports and casino games. The senators argue this will protect state consumer protections, tribal sovereignty, and prevent a "backdoor" to gambling. This move comes amid increasing legal and regulatory tensions, with states like Nevada and Arizona challenging the CFTC's claim of exclusive jurisdiction over these markets. Concerns about market manipulation and the involvement of institutional firms are also contributing to the debate, even as the sector experiences rapid growth and high valuations.
(Source：The Block)