US lawmakers from both parties have introduced a bill to ban prediction markets from offering bets o

Bipartisan Bill Targets Sports Betting via Prediction Markets—Kalshi, Polymarket in Crosshairs

A new bill in Congress is taking aim at prediction markets. Senators Adam Schiff and Congressman John Curtis are proposing legislation to ban CFTC-regulated entities—including Kalshi and Polymarket—from offering contracts tied to sports events. Schiff argues the CFTC has been “greenlighting and facilitating the expansion” of these markets, creating a federal “backdoor” that skirts state sports betting rules, disregards tribal sovereignty, and dodges tax contributions. The bill would close that loophole, putting sports predictions back under state control.