TechFlow News: On March 23, according to The Wall Street Journal, two bipartisan U.S. senators—Adam Schiff (Democrat) and John Curtis (Republican)—jointly introduced legislation on March 23 to prohibit entities regulated by the Commodity Futures Trading Commission (CFTC), including prediction market platforms Kalshi and Polymarket’s U.S. site, from launching any contracts tied to sporting events. Senator Schiff stated that the CFTC has not only greenlit such markets but actively promoted their expansion—a move that violates state consumer protection laws, infringes upon tribal sovereignty, and fails to generate any fiscal benefit for the public, making congressional intervention necessary to close this regulatory loophole.
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