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Senators Introduce Bill to Ban Sports Prediction Markets

3/25/2026

Summary

Story summary

Senator Adam Schiff (D-Calif.) and Senator John Curtis (R-Utah) push to ban sports prediction market contracts, arguing Kalshi and Polymarket's new insider-trading restrictions are insufficient.
Kalshi's new rules prohibit political candidates and sports participants from trading on their own campaigns.
Rep. Alexandria Ocasio-Cortez (D-N.Y.) criticized the measures as inadequate and highlighted insider-trading risks.
The senators introduced the "Prediction Markets are Gambling Act" to prevent gambling sites from creating such contracts.

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Story summary

Senator Adam Schiff (D-Calif.) and Senator John Curtis (R-Utah) push to ban sports prediction market contracts, arguing Kalshi and Polymarket's new insider-trading restrictions are insufficient.
Kalshi's new rules prohibit political candidates and sports participants from trading on their own campaigns.
Rep. Alexandria Ocasio-Cortez (D-N.Y.) criticized the measures as inadequate and highlighted insider-trading risks.
The senators introduced the "Prediction Markets are Gambling Act" to prevent gambling sites from creating such contracts.