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Democrats urge CFTC to rein in prediction markets sports betting, insider trading
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- A group of Democratic lawmakers is urging the Commodity Futures Trading Commission to issue a rule that would aim to rein-in prediction markets, curb insider trading and prohibit certain types of event contracts.
- Richard Blumenthal of Connecticut, Chris Van Hollen of Maryland, Sheldon Whitehouse of Rhode Island and Rep.
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A group of Democratic lawmakers is urging the Commodity Futures Trading Commission to issue a rule that would aim to rein-in prediction markets, curb insider trading and prohibit certain types of event contracts.
In a letter first shared with CNBC and sent to the CFTC on Thursday, a group of congressional Democrats led by Jeff Merkley of Oregon., called on the federal agency to address "the rapid erosion of integrity" within prediction markets such as Kalshi and Polymarket.
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