'If It Acts Like Gambling, It Is Gambling': Bipartisan Senate Bill Comes For Prediction Markets

Sen. Adam Schiff (D-CA) and Sen. John Curtis (R-UT) appeared on CNBC to push their Prediction Markets Are Gambling Act, introduced March 23, and they came armed with sound bites.“If it acts like gambling, if it looks like gambling; it is gambling,” Curtis said. “That’s been very clear where that belongs.”The bill would bar any CFTC-registered platform from listing contracts tied to sporting events or athletic competitions. That puts Kalshi and Polymarket squarely in the crosshairs, but the collateral damage ...