Buy CryptoMarketsSpotFuturesGOLDEarnEvent Center
More
Gold vs Crypto
The post US Senators Move to Ban Sports Betting on Prediction Markets appeared on BitcoinEthereumNews.com. Bipartisan US senators move to ban sports betting contractsThe post US Senators Move to Ban Sports Betting on Prediction Markets appeared on BitcoinEthereumNews.com. Bipartisan US senators move to ban sports betting contracts

US Senators Move to Ban Sports Betting on Prediction Markets

Author: BitcoinEthereumNews
Source: BitcoinEthereumNews
2026/03/24 03:23
3 min read
Movement
MOVE$0.01965+2.34%
Comedian
BAN$0.06008+13.05%
Zypher Network
POP$0.0018432+16.34%
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com
  • Bipartisan US senators move to ban sports betting contracts on regulated prediction platforms.
  • Schiff and Curtis warn that prediction markets bypass state laws and expose users to risks.
  • US states are struggling with federal regulators over the control of prediction markets.

Sports betting on regulated prediction-market platforms in the US is facing a fresh obstacle after a bipartisan pair of Senators move to introduce legislation banning it on CFTC-regulated platforms, such as Kalshi and Polymarket.

According to reports, US Senators Adam Schiff, a California Democrat, and John Curtis, a Republican from Utah, are set to submit a bill this Monday that will prevent federally regulated prediction-market platforms from offering contracts tied to sports and casino-style games.

Lawmaker Accuses the CFTC of Enabling Prediction Markets

Schiff stated that the CFTC is greenlighting these markets and promoting their growth, arguing that Congress should “eliminate this backdoor, which violates state consumer protections.” Schiff said that the system intrudes upon tribal sovereignty and offers no public revenue.

Schiff’s partner in proposing the bill, Curtis, added that the burgeoning industry is exposing too many young people in Utah to addictive sports betting and casino-style gaming contracts that belong under state control, not federal regulators.

In the meantime, the latest proposal by Schiff and Curtis highlights the ongoing clash between federal regulators, states, and industry participants over how best to govern prediction markets. Although platforms like Kalshi and Polymarket are famous for offering binary contracts across multiple categories, including crypto, politics, weather, and pop culture, they have concentrated their activity around professional and college sports. 

An Ongoing Tussle for Regulatory Control

By focusing on sports contracts, prediction markets are in direct competition with traditional sportsbooks, such as FanDuel and DraftKings. Amid the debates, the CFTC maintains that it has exclusive jurisdiction over event contracts in the commodities-derivatives market, having filed a brief in February asserting that states lack regulatory authority over such platforms.  

The struggle for regulatory control is ongoing, with Nevada recently securing a temporary restraining order blocking Kalshi from offering contracts tied to sports, elections, and entertainment. Meanwhile, Arizona filed criminal charges against Kalshi, alleging that it operates an unlicensed gambling business. Kalshi disputed the claims, urging Arizona to withdraw the charges.

Related: Wall Street Rushes Into Prediction Markets Amid Iran Tensions

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source: https://coinedition.com/us-senators-move-to-ban-sports-betting-on-prediction-markets-via-new-bipartisan-bill/

Market Opportunity
Movement Logo
Movement Price(MOVE)
$0.01965
$0.01965$0.01965
+0.05%
USD
Movement (MOVE) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

The Channel Factories We’ve Been Waiting For

The Channel Factories We’ve Been Waiting For

The post The Channel Factories We’ve Been Waiting For appeared on BitcoinEthereumNews.com. Visions of future technology are often prescient about the broad strokes while flubbing the details. The tablets in “2001: A Space Odyssey” do indeed look like iPads, but you never see the astronauts paying for subscriptions or wasting hours on Candy Crush.  Channel factories are one vision that arose early in the history of the Lightning Network to address some challenges that Lightning has faced from the beginning. Despite having grown to become Bitcoin’s most successful layer-2 scaling solution, with instant and low-fee payments, Lightning’s scale is limited by its reliance on payment channels. Although Lightning shifts most transactions off-chain, each payment channel still requires an on-chain transaction to open and (usually) another to close. As adoption grows, pressure on the blockchain grows with it. The need for a more scalable approach to managing channels is clear. Channel factories were supposed to meet this need, but where are they? In 2025, subnetworks are emerging that revive the impetus of channel factories with some new details that vastly increase their potential. They are natively interoperable with Lightning and achieve greater scale by allowing a group of participants to open a shared multisig UTXO and create multiple bilateral channels, which reduces the number of on-chain transactions and improves capital efficiency. Achieving greater scale by reducing complexity, Ark and Spark perform the same function as traditional channel factories with new designs and additional capabilities based on shared UTXOs.  Channel Factories 101 Channel factories have been around since the inception of Lightning. A factory is a multiparty contract where multiple users (not just two, as in a Dryja-Poon channel) cooperatively lock funds in a single multisig UTXO. They can open, close and update channels off-chain without updating the blockchain for each operation. Only when participants leave or the factory dissolves is an on-chain transaction…
Share
BitcoinEthereumNews2025/09/18 00:09
New York Banks Advised to Leverage Blockchain Analytics: NYDFS

New York Banks Advised to Leverage Blockchain Analytics: NYDFS

The post New York Banks Advised to Leverage Blockchain Analytics: NYDFS appeared on BitcoinEthereumNews.com. New York Superintendent of Financial Services Adrienne Harris issued a guidance letter on Wednesday advising all New York banking organizations to consider using blockchain analytics to strengthen compliance and manage risks tied to virtual currency activity. NYDFS Links Prior VCRA, Analytics Guidance in New Notice to Banks The Department of Financial Services (DFS or NYDFS) […] Source: https://news.bitcoin.com/new-york-banks-advised-to-leverage-blockchain-analytics-nydfs/
Share
BitcoinEthereumNews2025/09/18 04:33
BlockchainFX or Based Eggman $GGs Presale: Which 2025 Crypto Presale Is Traders’ Top Pick?

BlockchainFX or Based Eggman $GGs Presale: Which 2025 Crypto Presale Is Traders’ Top Pick?

Traders compare Blockchain FX and Based Eggman ($GGs) as token presales compete for attention. Explore which presale crypto stands out in the 2025 crypto presale list and attracts whale capital.
Share
Blockchainreporter2025/09/18 00:30