US senators introduce bill to ban sports wagering on Kalshi and Polymarket
Senators Schiff and Curtis introduced a bill to ban sports and casino-style contracts on CFTC-registered prediction markets like Kalshi and Polymarket.Summary
US Senators Adam Schiff and John Curtis introduced the bipartisan Prediction Markets Are Gambling Act, which aims to amend the Commodity Exchange Act to prohibit CFTC-registered firms, such as Kalshi and Polymarket, from listing event contracts linked to sports, casino games, or lotteries. The proposed legislation seeks to clarify jurisdiction, uphold state control over betting, and prevent these speculative products from operating under federal oversight, bypassing state licensing and tax obligations. Senator Curtis argued that these contracts expose young people to addictive gaming, while Senator Schiff criticized the CFTC for enabling their growth instead of enforcing restrictions, calling it a "backdoor" that violates consumer protections and tribal sovereignty. This move comes as prediction markets rapidly grow, with sports-related activity driving significant volume, leading to intensifying legal battles where platforms rely on CFTC oversight as a defense against state challenges.
(Source：Crypto Briefing)