US Senators Move to Ban Sports Betting on Prediction Markets Via New Bipartisan Bill

• Bipartisan US senators move to ban sports betting contracts on regulated prediction platforms.
• Schiff and Curtis warn that prediction markets bypass state laws and expose users to risks.
• US states are struggling with federal regulators over the control of prediction markets.

Sports betting on regulated prediction-market platforms in the US is facing a fresh obstacle after a bipartisan pair of Senators move to introduce legislation banning it on CFTC-regulated platforms, such as Kalshi and Polymarket.

According to reports, US Senators Adam Schiff, a California Democrat, and John Curtis, a Republican from Utah, are set to submit a bill this Monday that will prevent federally regulated prediction-market platforms from offering contracts tied to sports and casino-style games.

Lawmaker Accuses the CFTC of Enabling Prediction Markets

Schiff stated that the CFTC is …

Read The Full Article US Senators Move to Ban Sports Betting on Prediction Markets Via New Bipartisan Bill On Coin Edition.