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Senate advances ban on lawmakers’ prediction-market betting

Regulation

The US Senate unanimously advanced a measure to bar its members, staff and officials from betting on prediction markets, according to reports. Senator Bernie Moreno sponsored the measure; Senator Chuck Schumer urged the House to act. A separate proposal from Senator John Curtis, Representative Elissa Slotkin and Senator Todd Young would extend restrictions to all government officials and employees and impose fines equal to twice any profits.

Prediction-market operators and government personnel may face restrictions as lawmakers consider limits on official trading.

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Regulation

CFTC gives prediction markets 30 days to address state access blocks

The CFTC issued guidance saying state-based geographic restrictions generally conflict with impartial-access requirements for designated contract markets in the United States. It gave exchanges 30 days to remove conflicting blocks or explain to the Division of Market Oversight, with supporting evidence, why compliance is not feasible. The same framework applies to intermediaries and other entities providing market access.

The CFTC said state-based geographic restrictions on prediction markets are generally inconsistent with its impartial access rules, and gave operators and exchanges 30 days to lift them or explain why they cannot. The agency issued the guidance on Thursday as a formal interpretation of its impartial access requirements for designated contract markets. It said location alone should not be used to deny access to eligible participants within the United States.

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