California’s Adam Schiff and Utah’s John Curtis filed a bipartisan bill that would prohibit CFTC-licensed entities from listing sports event contracts. The report provides no further details on the proposal.
The proposal would restrict CFTC-licensed entities from offering sports event contracts.
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Senators Adam Schiff and John Curtis plan to introduce a bill that would restrict event contracts and casino-style offerings by entities regulated by the Commodity Futures Trading Commission. The proposal would also prohibit contracts linked to war, death and military actions, while seeking to strengthen states’ authority over gambling activity.
US senators have introduced a bipartisan bill that would prohibit prediction-market contracts on sporting events and casino-like activities while allowing contracts with economic purposes such as hedging, according to the report. Senator Adam Schiff said the Commodity Futures Trading Commission lacks the staff and technical capacity to oversee the sector. Industry representatives dispute claims that the platforms should be treated as gambling.
US District Judge Jacqueline Scott Corley granted a preliminary injunction in Blue Lake Rancheria v. Kalshi in California on Wednesday. The order bars Kalshi from offering sports contracts on the plaintiff tribes’ lands and requires the tribes to provide boundary maps by 13 November; Kalshi must report its compliance steps within 21 days.
A San Francisco federal judge has blocked Kalshi from listing sports event contracts on land belonging to the California tribes that are suing it. Judge Jacqueline Scott Corley, who sits in the Northern District of California, granted the tribes a preliminary injunction on Wednesday in the case Blue Lake Rancheria v. Kalshi.
It was reported that 12 Democratic senators urged congressional committees to add a prediction-market ban to the pending CLARITY Act. Their 17 July letter targets contracts resembling sports wagers or casino games.
Minnesota’s proposed ban on certain prediction-market event contracts was awaiting Governor Tim Walz’s signature, according to the report. The available text gives no further details on the measure or its scope.