WASHINGTON \u2013 Lawmakers, Native American tribes, consumer advocates and others are voicing strong opposition to plans by U.S. President Donald Trump\u2019s administration to regulate sports and other wagering in the booming prediction market industry, according to a review of public comments available on Monday.<\/p>\n
The comments representing a spectrum of views are in response to last month\u2019s proposal from the U.S. Commodity Futures Trading Commission (CFTC) that \u200bwould set moral boundaries for some prediction markets \u2014 which allow users to place \u200cyes\/no wagers \u200con such things as sports, elections, economic outcomes and Wall \u200bStreet indices, among other events.<\/p>\n
The CFTC is proposing to limit certain types of bets on a set of activities identified in the law, including crime, terrorism, assassination, war or \u201cgaming,\u201d \u2060saying some of these may fall outside of the \u201cpublic interest,\u201d while generally allowing sports wagering on \u2060platforms such as Kalshi and Polymarket to continue.<\/p>\n
Representatives from Kalshi and Polymarket did not immediately respond to requests for comment on Monday.<\/p>\n
Trump \u200band his administration have embraced the \u2060prediction markets industry generally, fighting court battles across the country to argue that federal law allows registered markets to offer trade \u2060in derivatives known \u200bas event contracts and that no state authority may interfere \u200bwith this.<\/p>\n
Under last month\u2019s proposal, prediction markets based on scores, win-loss results \u200band \u200ctournament advancement would likely be acceptable, while markets based on player injury, fighting, children\u2019s sports and refereeing likely would not.<\/p>\n
However, Christopher Dodd, a former Democratic U.S. senator who co-sponsored the landmark 2010 statute that gave the CFTC regulatory authority over \u200cderivative contracts known as swaps, said lawmakers at the time had never intended to make that agency the nation\u2019s gambling regulator.<\/p>\n
\u201cAt the time Congress passed Dodd-Frank, we were well aware of existing federal laws regulating gaming,\u201d he wrote. \u201cWe had no intention of amending those laws.\u201d<\/p>\n
Likewise, \u200bformer \u200bCFTC Chairman Timothy Massad said in a letter that the CFTC \u201chas \u200blost its way.\u201d<\/p>\n
\u201cAlthough I have not submitted comments on any rule proposal since leaving \u2060the agency, I feel it is important to do so here because the agency has lost sight of its mission and the limits of its own authority,\u201d Massad said.<\/p>\n
Native American tribes, traditional casinos and local authorities in 20 states \u200bargue that sports wagering on prediction markets amounts to illegal gambling that should be under the control of local authorities. Sports prediction markets are blocked in places such as Nevada and Michigan.<\/p>\n
The CFTC faces no timeline for issuing any final proposal but considers the comments received.<\/p>\n","protected":false},"excerpt":{"rendered":"WASHINGTON \u2013 Lawmakers, Native American tribes, consumer advocates and others are voicing strong opposition to plans by U.S.…\n","protected":false},"author":2,"featured_media":64928,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21320,13,8,21322,21290,21343,29967,84],"class_list":["post-64927","post","type-post","status-publish","format-standard","has-post-thumbnail","category-japan","tag-cftc","tag-donald-trump","tag-japan","tag-kalshi","tag-polymarket","tag-prediction-markets","tag-republicans","tag-u-s"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/posts\/64927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/comments?post=64927"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/posts\/64927\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/media\/64928"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/media?parent=64927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/categories?post=64927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/japan\/wp-json\/wp\/v2\/tags?post=64927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}