Story perspectives

Democratic Senators Urge CFTC to Avoid Prediction Market Intervention

2/13/2026

Summary

Story summary

Twenty-three Democratic U.S. Senators, led by Adam Schiff, urged the Commodity Futures Trading Commission (CFTC) to refrain from intervening in court cases over prediction markets, Polymarket and Kalshi.
They raised concerns about Polymarket and Kalshi's legality after arrests tied to betting on classified information.
Under the Trump administration, CFTC withdrew a ban and asserted jurisdiction over prediction markets, while advocates say state regulations lack the expertise to oversee them.

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Story summary

Twenty-three Democratic U.S. Senators, led by Adam Schiff, urged the Commodity Futures Trading Commission (CFTC) to refrain from intervening in court cases over prediction markets, Polymarket and Kalshi.
They raised concerns about Polymarket and Kalshi's legality after arrests tied to betting on classified information.
Under the Trump administration, CFTC withdrew a ban and asserted jurisdiction over prediction markets, while advocates say state regulations lack the expertise to oversee them.