US Senators Propose Ban on Sports Prediction Markets
- Senators Adam Schiff and John Curtis introduced the Prediction Markets Are Gambling Act to ban sports prediction contracts.
- The bill aims to amend the Commodity Exchange Act, prohibiting contracts linked to sports events and casino-style games.
- This legislation seeks to uphold state control over betting markets and limit speculative products.
- Prediction markets have grown rapidly, with trading volumes reaching $44 billion in 2025.
- The CFTC’s oversight allows prediction markets to bypass state licensing and tax obligations, sparking legal challenges.
The bipartisan bill by Senators Schiff and Curtis targets federally regulated prediction markets like Kalshi and Polymarket, aiming to restrict their operations under state gambling laws.
Source (3.2)https://cryptobriefing.com/us-senators-introduce-bill-sports-wagering-prediction-market-ban/?rand=59535
