US Lawmakers Propose Bipartisan Bill to Ban Prediction Markets for Sports and Entertainment Betting

CycleProphet · 2026-03-23T13:08:10+00:00

Two U.S. senators have introduced legislation proposing to prohibit CFTC-regulated entities from listing contracts related to sports events, arguing that this violates consumer protection regulations, infringes on tribal sovereignty, and fails to generate fiscal benefits, requiring closure of regulatory loopholes.

CycleProphet

2026-03-23 13:08:10

Abstract generation in progress

Deep Tide TechFlow News, March 23 — According to The Wall Street Journal, two bipartisan U.S. senators, Schiff (Democrat) and Curtis (Republican), jointly proposed legislation on March 23 to ban entities regulated by the Commodity Futures Trading Commission (CFTC)—including prediction market platforms Kalshi and Polymarket U.S.—from launching any sports-related contracts. Senator Schiff stated that the CFTC not only approves such markets but actively promotes their expansion. This move violates state consumer protection laws, infringes on tribal sovereignty, and fails to bring any financial benefits to the public. Congress needs to step in to close this regulatory loophole.

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