8legs: John curtis

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A bipartisan Senate bill would ban any CFTC-registered entity from listing contracts tied to sporting events, targeting Kalshi and Polymarket.
Senators Schiff and Curtis sponsor the measure, marking the first bipartisan push in the Senate to curb sports-prediction markets amid rising betting activity on Kalshi and Polymarket.
The proposal would give the CFTC authority to regulate prediction-market contracts under existing federal commodity laws, extending oversight to these platforms.

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A bipartisan bill seeks to ban sports futures listed on prediction markets by targeting CFTC-registered platforms.
Schiff and Curtis argue the law would protect state authority over sports betting and prevent speculative products in undesired spaces.
The bill addresses markets like Kalshi and Polymarket, noting their activity across all states.
The legislation would bar listing prediction contracts that resemble sports bets or casino-style games.
The Biden administration had previously banned Polymarket from operating in the U.S., according to the report.
The bill is part of a broader regulatory debate on the rise of prediction markets in sports.
The measure is named 'Prediction Markets Are Gambling Act' and would restrict how prediction contracts are offered.
The sponsors emphasize safeguarding consumers and preventing state gaming law circumvention.
The article notes that prediction contracts differ from traditional bets, as value is set by traders rather than the house.
The article references ongoing legislative activity, including prior proposals like the DEATH BETS Act.

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