Overview
- The measure, sponsored by Sens. Adam Schiff and John Curtis, would prohibit any CFTC-registered entity from listing contracts tied to sporting events or casino-style games.
- Branded the Prediction Markets Are Gambling Act, it is the first bipartisan Senate effort aimed specifically at curbing sports offerings on platforms like Kalshi and Polymarket.
- State actions have accelerated the fight over jurisdiction, with Nevada securing a temporary restraining order against Kalshi and Arizona filing criminal charges against its parent companies.
- The CFTC has asserted exclusive federal authority over event-based contracts in recent court filings, setting up a direct conflict with state regulators and ongoing lawsuits.
- Industry stakes are high, with sports-betting stocks such as DraftKings and Flutter rising on the news, MLB newly partnering with Polymarket, and recent reports of billion‑dollar trading volumes around major events like the Super Bowl.