Schiff and Curtis prepare bipartisan limits on sports prediction contracts
Senators Adam Schiff, a California Democrat, and John Curtis, a Utah Republican, are preparing the first bipartisan bill aimed at restricting prediction markets, which would block CFTC-regulated platforms including Kalshi and Polymarket from offering sports event contracts and casino-style games, the Wall Street Journal reported. Kalshi said in response that sports event contracts on federally regulated platforms offer consumers a fairer choice, with no house that restricts winners.
Senators Adam Schiff, a California Democrat, and John Curtis, a Utah Republican, are preparing legislation that would prevent CFTC-regulated platforms from offering sports event contracts and casino-style games, according to the Wall Street Journal.
The proposal would affect platforms including Kalshi and Polymarket. The Wall Street Journal described it as the first bipartisan bill aimed at restricting prediction markets.
A proposed limit on contract offerings
The measure targets the types of products available on CFTC-regulated platforms. As described in the reporting, its restrictions would cover both sports event contracts and casino-style games, rather than prediction markets as a whole.
The senators are still preparing the bill. The supplied reporting does not identify an introduction date or a timetable for congressional consideration.
Kalshi defends its sports markets
Kalshi responded by arguing that sports event contracts offered through federally regulated platforms give consumers a fairer alternative, according to the Wall Street Journal. The company said those markets have no house that limits successful participants.
That response frames consumer choice as a central part of Kalshi’s defense, while the proposed legislation would remove the specified products from CFTC-regulated platforms.
What it means for prediction markets
- Bipartisan sponsorship: Schiff and Curtis bring Democratic and Republican backing to the proposed restrictions; that does not establish whether the bill will advance.
- Product availability: If enacted as described, the measure would block sports event contracts and casino-style games on CFTC-regulated platforms, including Kalshi and Polymarket.
- Legislative uncertainty: The reported preparation of a bill is distinct from its introduction or passage. No congressional timetable is provided.
Sources & attribution
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