Gambling Is Not Investing coalition challenges US prediction markets
The Gambling Is Not Investing coalition, launched by Rep. Mick Mulvaney, aims to persuade legislators that prediction markets offer illegal gambling, according to the report. The coalition argues that these products bypass gambling rules and consumer protections; prediction markets dispute that characterisation and cite Commodity Futures Trading Commission oversight. The CFTC is considering how to regulate the platforms, while its chair has threatened court action against challengers to its authority.
The dispute could shape whether prediction-market operators face state gambling rules or federal oversight.