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US senators challenge CFTC approach to sports event contracts

Regulation

US senators Catherine Cortez Masto and John Curtis are seeking support for a draft letter urging the Commodity Futures Trading Commission to clarify its approach to sports-related event contracts. The lawmakers argue that nationwide offerings could undermine state and tribal authority over sports wagering and conflict with federal law. The draft cites companies claiming they can offer betting in all 50 states.

The proposed intervention could affect how prediction-market platforms offer sports contracts across US jurisdictions.

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Regulation

US senators propose restricting sports contracts on prediction markets

US senators have introduced a bipartisan bill that would prohibit prediction-market contracts on sporting events and casino-like activities while allowing contracts with economic purposes such as hedging, according to the report. Senator Adam Schiff said the Commodity Futures Trading Commission lacks the staff and technical capacity to oversee the sector. Industry representatives dispute claims that the platforms should be treated as gambling.

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