A US Senate committee held a hearing on sports betting and prediction markets, with gaming industry representatives and prediction-market advocates taking part, according to the report.
The hearing puts sports betting and prediction markets before federal lawmakers, but the report gives no policy outcome.
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CFTC Chairman Michael Selig told the House Committee on Agriculture on Thursday that he would not prejudge issues before the agency’s prediction market rulemaking. He also said the CFTC would pursue fraud, manipulation and insider trading; the agency’s proposed rulemaking was published on 16 March, with comments open through April.
The Texas Senate Committee on State Affairs examined whether prediction market platforms should be treated as gambling under state law. The American Gaming Association argued that some products amount to sports betting, while Kalshi’s legal representative said the platform facilitates trading between users and should not be treated as a sportsbook.
The CFTC’s first Innovation Advisory Committee meeting examined prediction market manipulation risks, citing Casino.com. CME Group CEO Terry Duffy alleged that some of the 2,500 self-certifications since January 2025 breached manipulation standards. CFTC Chairman Michael Selig disputed an example involving Nicolás Maduro, saying the products never listed and trading occurred offshore.
CFTC chair Michael Selig proposed new prediction market rules at the agency’s first Innovation Advisory Committee meeting on Thursday. Selig also defended federal oversight against challenges concerning legality and self-certification limits.
CFTC chair Michael Selig outlined a three-part regulatory roadmap for prediction markets at the agency’s first Innovation Advisory Committee meeting. The proposed work covers rules on prohibited event contracts, reporting for fully collateralised contracts, and requirements for listing contracts and protecting consumers. CME Group chief executive Terry Duffy raised manipulation concerns, while Kalshi defended self-certification.