Senate Bill Pushes State Control of Prediction Markets
US Senator Ted Cruz is seeking state control of Prediction Markets through new legislation that would give state and tribal governments jurisdiction over sports-related contracts offered by trading platforms. The Texas senator plans to introduce the measure after the November 3 midterm elections. U…
US Senator Ted Cruz is seeking state control of Prediction Markets through new legislation that would give state and tribal governments jurisdiction over sports-related contracts offered by trading platforms. The Texas senator plans to introduce the measure after the November 3 midterm elections. Under the proposal, prediction market operators would be prohibited from offering contracts linked to sports wagering without explicit approval from local or tribal authorities. The proposed transition toward state regulation could significantly alter how platforms like Kalshi operate under Commodity Futures Trading Commission regulation. Currently, these exchanges offer sports event contracts across the nation under federal oversight.... The post Senate Bill Pushes State Control of Prediction Markets appeared first on This Week in Gambling.