A draft letter to the Commodity Futures Trading Commission (CFTC) that questions why the CFTC is allowing sports-related markets, what it is doing to protect consumers, and what guidance the agency is giving operators on how to deal with compliance is currently circulating on Capitol Hill.
“The CFTC must not override state and tribal law allowing sports betting in all 50 states by permitting some companies to categorize their sports betting activities as ‘event contracts,’” the draft, obtained by InGame, reads.
Initiated by Nevada Sen. Catherine Cortez Masto and Utah Sen. John Curtis, the draft contains 11 questions to the CFTC, which oversees prediction markets, some of which have been offering sports event contracts since December 2024.
