A bipartisan pair of U.S. senators are introducing legislation Monday to prohibit entities regulated by the Commodity Futures Trading Commission, including prediction-market exchanges Kalshi and Polymarket’s U.S. platform, from listing contracts related to sporting events.
“The CFTC is greenlighting these markets and even promoting their growth,” Sen. Adam Schiff (D., Calif.) said. “It’s time for Congress to step in and eliminate this backdoor, which violates state consumer protections, intrudes upon tribal sovereignty and offers no public revenue.”
The legislation is the first bipartisan Senate bill seeking to regulate prediction markets. The bill also seeks to prohibit “casino-style games” from being listed on the platforms, such as slot machine games, video poker, blackjack and bingo.
