Prediction Markets Face Hearing Call From 11 Senate Democrats
The lawmakers want to question platforms on consumer exposure, market integrity and contracts that could fall under Securities and Exchange Commission rules.
- Eleven Democratic senators, led by Ranking member Elizabeth Warren and Sen. Catherine Cortez Masto, urged Senate Banking Committee Chairman Tim Scott on Wednesday to hold a public hearing on prediction markets.
- The request follows reports that Republican committee members planned private discussions with prediction market executives, including Kalshi representatives; Democrats cited concerns about potential manipulation by traders with advance knowledge.
- Citing Pew Research Center data, the lawmakers noted that 56% of sampled accounts lost money over a six-week period, while only 7% made more than $1,000 amid rapid industry growth.
- Democrats argued that contracts linked to company performance could qualify as security-based swaps under Securities and Exchange Commission rules, stating the Banking Committee should examine how such contracts are supervised.
- While the Commodity Futures Trading Commission holds primary jurisdiction, the senators seek to expand the panel's involvement. Republican committee members met with Kalshi CEO Tarek Mansour on September 23, according to The Block.
11 Articles
11 Articles
All 11 Senate Banking Democrats Ask Tim Scott for a Public Hearing on Prediction Markets
All 11 Democrats on the Senate Banking Committee wrote to Chairman Tim Scott (R-S.C.) on Sept. 23 asking him to hold a public hearing on prediction markets, after reports that he had planned a closed, Republican-only session with industry executives, among them representatives of Kalshi. The letter was led by ranking member Elizabeth Warren (D-Mass.) and Sen. Catherine Cortez Masto (D-Nev.). Sens. Jack Reed, Mark Warner, Chris Van Hollen, Tina S…
Prediction markets face hearing call from 11 Senate Democrats
All 11 Democrats on the Senate Banking Committee have asked Chair Tim Scott to hold a public hearing on prediction markets after Republican members met privately with Kalshi’s chief executive. In a Sep. 23 letter, the Democratic members of the…
Cryptopolitan
BITRSSSenate Democrats demand public prediction-market hearing after GOP-Kalshi meeting
Every Democrat on the Senate Banking Committee called on Republican Chair Tim Scott on Wednesday to hold a public hearing on prediction markets, the same day committee Republicans met privately with Kalshi CEO Tarek Mansour, according to The Block. The dispute comes as prediction markets move well beyond a niche corner of trading. Combined monthly...
Senate Democrats Demand Hearing on Prediction Markets After Kalshi Meeting
Senate Banking Committee Democrats are pressing for a public hearing on prediction markets after Republicans met privately with Kalshi executives. The push places growing scrutiny on markets offering contracts tied to financial and economic outcomes. Democrats want Congress to examine how these products fit within existing securities rules. They also want lawmakers to address investor […] Read The Full Article Senate Democrats Demand Hearing on…
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