"The new legislation, dubbed 'The Prediction Markets Are Gambling Act,' is sponsored by Sens. John Curtis, R-Utah, and Adam Schiff, D-California. It would amend federal law so that 'sports and casino-style event contracts' may not be offered on platforms regulated by the commission."
"Tarek Mansour, Kalshi's co-founder, reacted to the legislation on social media platform X, writing that it was the 'casino lobby hard at work. ... Banning just pushes this offshore, where no regulation exists. This bill isn't about protecting consumers; it's about protecting monopolies.'"
"Several states are challenging the premise that prediction market contracts are commodity market swaps, arguing that this is a form of gambling and, therefore, subject to state regulation."
A bipartisan Senate bill seeks to prohibit prediction markets from facilitating transactions resembling sports betting. Sponsored by Sens. John Curtis and Adam Schiff, the bill aims to clarify the regulatory authority between state laws and the federal Commodity Futures Trading Commission. Recent actions at the state level include a Nevada judge blocking Kalshi from offering sports-related contracts and Arizona filing criminal charges against the company. Critics argue that the legislation serves to protect monopolies rather than consumers, pushing prediction markets offshore where regulation is absent.
Read at ESPN.com
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