A group of 17 Democratic Party Senators is urging a Senate subcommittee to stop the Commodity Futures Trading Commission (CFTC) from using federal funds in legal battles related to prediction markets.
Scores of states have been attempting to regulate operators such as Kalshi and Polymarket under their gambling laws. The Senators are concerned about the use of federal funds in these legal disputes and are pushing for a ban on such practices.
The move comes amidst increasing efforts by states to enforce their own regulations on prediction markets, leading to a clash with federal authorities over jurisdiction and legal actions.
