Senate bill to target sports betting ban on prediction markets: WSJ

A bipartisan Senate bill would reportedly ban sports betting and casino-style contracts on prediction markets.

US Senators Adam Schiff and John Curtis are expected to introduce a bipartisan bill on Monday that would bar sports betting and “casino-style” contracts from prediction markets regulated by the Commodity Futures Trading Commission (CFTC), according to a Monday Wall Street Journal report.

“Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators,” Senator Curtis, one of the bill’s co-sponsors, told the WSJ.

If introduced as reported, the measure would add to a widening Washington push against certain prediction market contracts. The report adds to the growing regulatory scrutiny over prediction markets, following renewed insider trading concerns sparked by the US-Israeli war with Iran.

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