Seven members of Congress asked the CFTC on 6 April to strengthen oversight of prediction-market platforms, citing wagers on military events and possible insider trading. The lawmakers requested a formal response by mid-April; the agency had not responded, according to the report.
The request could increase regulatory scrutiny of prediction-market contracts and enforcement.
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The Commodity Futures Trading Commission's proposed prediction market rule received 1,443 comments. State attorneys general, lawmakers and tribal organisations asked the regulator to withdraw the proposal, while sports leagues sought stronger integrity protections.
The American Gaming Association, Indian Gaming Association and other industry representatives urged the US Senate to amend the Digital Market Clarity Act to prohibit sports-related prediction market contracts. In a letter, the groups argued that these products bypass state and tribal gambling laws and raised concerns about consumer safeguards and the CFTC’s oversight role.
Nevada Gaming Control Board chair Mike Dreitzer and Louisiana regulator Christopher Hebert urged the gaming industry to oppose sports prediction markets at a conference in Las Vegas. Dreitzer said such platforms bypass state gambling rules, while both regulators cited consumer protection and oversight concerns.
The National Pork Producers Council and more than 20 agricultural groups asked the CFTC to review prediction contracts linked to commodity prices. They raised concerns about price discovery, hedging, market volatility and settlement disputes, and said the contracts lack safeguards such as federally mandated position limits and volatility controls.
The American Gaming Association and Indian Gaming Association urged Congress to limit sports-related prediction contracts in a joint letter sent on Friday, according to reports. They argued that platforms offering these contracts could bypass state and tribal gambling laws and taxes, and called for the Digital Asset Clarity Act to address the issue.