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US Democrats propose limits on prediction markets after Iran strike bets

Regulation

US Representatives Mike Levin and Senator Chris Murphy are developing legislation to restrict prediction markets after bets were placed shortly before US and Israeli air strikes on Iran. Levin said the Commodity Exchange Act does not adequately limit such markets; the proposal would target platforms including Polymarket and Kalshi.

The proposed restrictions could change the rules for prediction-market operators serving US customers.

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Regulation

Seven House Democrats press CFTC over offshore war-related prediction contracts

Seven House Democrats questioned the CFTC’s handling of offshore prediction-market contracts tied to military actions and foreign political events in a letter to chair Michael Selig. Led by Seth Moulton and Jim McGovern, the lawmakers argued that the agency should enforce restrictions on contracts involving war and raised concerns about possible trading on non-public government information.

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