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Hearing Hearings to examine tracking prediction markets' exponential growth, focusing on tribal implications and beyond.
senate Indian Affairs Committee · Aug 4, 2026 · Transcript · 73 transcript matches
MATHURA SRIDHARAN "Chairman Murkowski, Vice Chairman Schatz, members of the committee, thank you for inviting me to speak today. It is a privilege to appear before you on behalf of the state of Ohio, and I appreciate the opportunity to share the state's perspective on the regulatory challenges posed by sports betting on prediction markets. My office first became involved with prediction markets in early 2025, when prediction market platforms like Kalshi began offering sports bets on their trading platforms. My office first became involved with prediction markets in early 2025, when prediction market platforms..."
Hearing "Examining Customer Protections and Market Integrity in Sports Event Prediction Markets"
house Commodity Markets, Digital Assets, and Rural Development Subcommittee · Jul 21, 2026 · Transcript · 9 transcript matches
JOHNSON, DUSTY "important the event contract and prediction market space is coming. Of course, prediction markets aren't new. The idea of using markets to capture the wisdom of the crowd dates back centuries. At the CFTC, prediction markets have long been a part of the commission's work. In 1988, the agency first provided registration relief to Iowa electronic markets for their innovative political prediction market. Think about that, 1988. But as with all derivatives products, the landscape has changed a lot in the last 40 years, and I suspect it's going to change a lot in the next few years to come. And..."
Hearing Business meeting to consider an original bill entitled, "Agricultural Act of 2026".
senate Agriculture, Nutrition, and Forestry Committee · Aug 6, 2026 · Transcript · 8 transcript matches
SCHIFF, ADAM B. "We should let states make those decisions. This amendment wouldn't stop all prediction markets, but it would get prediction markets out of the business of gambling. And the adverse impact that we're already seeing on states is revenue losses, but"
CRS Report
Prediction Markets Legislation in the 119th Congress
InFocus · Apr 21, 2026
Prediction markets are exchange platforms that specialize in offering event contracts (i.e., contracts that allow parties to trade on the occurrence or nonoccurrence of specific events). Prediction...
CRS Report
CFTC Issues Proposed Rule Regarding Prediction Markets
Legal Sidebar · Jun 24, 2026
On June 10, 2026, the Commodity Futures Trading Commission (CFTC) issued a proposed rule regarding the types of event contracts that can be listed on CFTC-registered prediction markets. This Legal...
CRS Report
Prohibiting Senators from Prediction Market Participation
InFocus · Jun 1, 2026
In April 2026, the Senate agreed to S.Res. 708, as amended, to amend Senate rules to prohibit Senators, Senate officers, and Senate employees from participating in prediction markets—exchange...
CRS Report
Prediction Markets and Insider Trading Law
Legal Sidebar · Apr 3, 2026
The past two years have witnessed the dramatic growth of prediction markets—i.e., online platforms that allow users to buy or sell contracts with payoffs tied to the occurrence or nonoccurrence of...
CRS Report
Prediction Markets: Policy Issues for Congress
InFocus · Mar 20, 2026
Prediction markets are exchange platforms that specialize in offering event contracts. Event contracts refer to contracts with a binary payoff structure tied to the occurrence or non-occurrence of a...
CRS Report
Sports Betting and Consumer Finance
InFocus · Jul 15, 2026
Sports betting involves risking money on the outcomes of athletic events. Before 2018, sports gambling was illegal in most states. In 2018, the Supreme Court held in Murphy v. National Collegiate...
Testimony JOHNSON, DUSTY
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"important the event contract and prediction market space is coming. Of course, prediction markets aren't new. The idea of using markets to capture the wisdom of the crowd dates back centuries. At the CFTC, prediction markets have long been a part of the commission's work. In 1988, the agency first provided registration relief to Iowa electronic markets for their innovative political prediction market. Think about that, 1988. But as with all derivatives products, the landscape has changed a lot..."
Testimony VAN HOLLEN, CHRIS
Hearings to examine proposed budget estimates and justification for fi...
senate Appropriations Committee · Jul 14, 2026
"Well as a co-sponsor of what we call the CERT Act here, I hope you act before Congress does. I'd like to see the Supreme Court act on its own but I do think there needs to be an enforceable framework and I believe at some point there'll be the votes to do that if the Supreme Court doesn't do it itself. On a related sort of question of public confidence, I want to ask you about prediction markets because prediction markets have faced very little federal oversight. They're largely..."
Testimony MCCLAIN DELANEY, APRIL
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"And recently, I was sent by someone an example of a social media advertisement posted through a paid partnership. It's a short video of a cartoon dog dancing on a surfboard while turtles and dolphins jump out of a rainbow-colored water with a caption, how life is, you know, better with, you know, prediction markets rather than sports books. I don't know about you, but to me, this is like marketing towards our youth, and prediction market ads like this have been pushed heavily on social media..."
Testimony SCHIFF, ADAM B.
Business meeting to consider an original bill entitled, "Agricultural ...
senate Agriculture, Nutrition, and Forestry Committee · Aug 6, 2026
"We should let states make those decisions. This amendment wouldn't stop all prediction markets, but it would get prediction markets out of the business of gambling. And the adverse impact that we're already seeing on states is revenue losses, but"
Testimony MATHURA SRIDHARAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Chairman Murkowski, Vice Chairman Schatz, members of the committee, thank you for inviting me to speak today. It is a privilege to appear before you on behalf of the state of Ohio, and I appreciate the opportunity to share the state's perspective on the regulatory challenges posed by sports betting on prediction markets. My office first became involved with prediction markets in early 2025, when prediction market platforms like Kalshi began offering sports bets on their trading platforms. My..."
Testimony SMITH, TINA
Business meeting to consider an original bill entitled, "Agricultural ...
senate Agriculture, Nutrition, and Forestry Committee · Aug 6, 2026
"Many of you, I have no doubt, have heard from tribal nations in your states about this issue and what an existential threat it poses to tribal gaming operations, which is, as we all know, the main way in many cases that they support their government actions. This amendment does not ban sports betting, nor does it ban prediction markets. It just makes sure that these prediction markets are unable to any longer skirt state and tribal law and sovereignty. And I ask for a vote on this, Mr. Chair...."
Testimony TAYLOR, DAVID J.
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"Thank you, Chairman Thompson and Subcommittee Chair Johnson and Ranking Member Davis for holding this hearing, and I want to thank the witnesses for appearing here today. I know it's a considerable imposition on your time. We appreciate you being here with us today. In a short period of time, prediction markets have become a multibillion-dollar industry, and some experts anticipate that prediction markets will be a trillion-dollar industry by the end of this decade. What was once a nascent..."
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"States can go further under the 10th Amendment, but I am here today with real life ideas to help you, and we'll come back each time you ask, because there are ways to make this safer. And I join with the distinguished leaders of Tribal Nation. I pledge to continue working with you and others to make this safer. I'm not a prohibitionist, but we have a mental health crisis on our hands. Thank you for your time. Emphasis on short term that you can actually do. Bring the sports league commissioners..."
Testimony JAMIE HUMMINGBIRD
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Anti-money laundering is a very good piece, a very good example to use in this situation, because as we stand right now, there are no requirements for prediction markets to produce any type of effort to go towards and identify the individuals that are placing their prediction market or purchasing their vent contracts or their swaps. And I firsthand know that there are individuals in my state of Oklahoma that we have individuals that are able, as young as 15, to go out and create an account..."
Testimony LUJÁN, BEN RAY
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"I've not heard that yet, in all the meetings I've been in, and conversations, and all the rest. If, in fact, the intent of the exemption in the DFI section is not to create a loophole for prediction markets, then this language just says that there's no gaming, there's no gambling, there's no prediction market in that space. Is that fair, Mr. Chairman? I'm not a lawyer. There's a lot of smart lawyers in this"
CRS Report
Antitrust Issues in Labor Markets
Posts · Apr 6, 2022
The typical antitrust case involves sellers in a product market. For example, rival manufacturers might conspire to fix the price of memory chips. A tobacco giant may monopolize the cigarette...
Testimony TEHASSI HILL
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"to enforce laws of their states, your states. Some of these laws prohibit all forms of gambling. Some prohibit online gaming and some rely on revenue from gaming to support their communities. In closing, I leave you with three requests. One, we urge you to advance S4160, Prediction Markets Are Gambling Act. Two, we ask that you ensure the Clarity Act stops all sports and casino gambling through prediction markets and provides IGRA and state and tribal gambling laws are full force and effect...."
Testimony SPEAKER_11
H.R. 7008 – Stop Insider Trading Act; H.R. 6955 – Main Street Capital ...
house Rules Committee · Jul 20, 2026
"and we could pass it tomorrow. Will you help us with that? Yes, I've been supportive of making restrictions in the prediction market space. Why isn't it in this bill? We have two different pieces of legislation. We moved through. Obviously, prediction markets are reasonably new and novel I'm fully supportive of my legislation moving forward, if that's the"
Testimony WATERS, MAXINE
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"how many pages? 900. This is 900 pages of financial interests. When you have time, I want you to go through them so that you'll know and understand exactly what I'm talking about. So, let me ask you, do you believe we must put an end to it? Well, let me just go further with the prediction markets. I'm deeply concerned by the potential for regulators to profit from the use of material, non-public information on prediction markets. There's a pattern of insiders appearing to profit ahead of..."
Testimony BRESNAHAN, ROBERT P.
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"Have you ever detected someone fraudulently putting information in that wasn't an accurate representation of who they were? Mr. Cylke, in your statement, you said the prediction market platforms were operating quote, without the safeguards required of state-licensed gaming operators. I obviously come from a state with legalized gambling, Pennsylvania. What are those safeguards, and how does that compare to the prediction market platforms? I appear to be out of time. I have one more question..."
CRS Report
Changing the Federal Reserve’s Mandate: An Economic Analysis
Reports · Aug 12, 2013
The Federal Reserve’s (Fed’s) current statutory mandate calls for it to “promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” Some economists...
Hearing H.R. 7008 – Stop Insider Trading Act; H.R. 6955 – Main Street Capital Access Act; H. Con. Res. 113 – Establishing the congressional budget for the...
house Rules Committee · Jul 20, 2026 · Transcript · 2 transcript matches
SPEAKER_11 "and we could pass it tomorrow. Will you help us with that? Yes, I've been supportive of making restrictions in the prediction market space. Why isn't it in this bill? We have two different pieces of legislation. We moved through. Obviously, prediction markets are reasonably new and novel I'm fully supportive of my legislation moving forward, if that's the"
Hearing The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026 · Transcript · 2 transcript matches
WATERS, MAXINE "how many pages? 900. This is 900 pages of financial interests. When you have time, I want you to go through them so that you'll know and understand exactly what I'm talking about. So, let me ask you, do you believe we must put an end to it? Well, let me just go further with the prediction markets. I'm deeply concerned by the potential for regulators to profit from the use of material, non-public information on prediction markets. There's a pattern of insiders appearing to profit ahead of market-moving Trump administration decisions, like when officials with close ties to the administration..."
CRS Report
Artificial Intelligence in Health: Overview of Selected State Liability Frameworks
Legal Sidebar · Aug 10, 2026
A variety of artificial intelligence (AI) technologies are increasingly used for various health care or related purposes. These purposes include core clinical health care functions such as the...
CRS Report
Has the Federal Reserve Achieved a Soft Landing in 2023?
Resources · Dec 11, 2023
Since the Federal Reserve (Fed) began raising rates in response to high inflation in March 2022, it has been trying to achieve a “soft landing”—a return to low inflation while maintaining moderate...
CRS Report
Why Is the Federal Reserve Keeping Interest Rates “High for Longer”?
Posts · Jul 3, 2024
The Federal Reserve (Fed) responded to the post-pandemic spike in inflation by rapidly raising short-term interest rates between 2022 and 2023. Since July 2023, the Fed has maintained a target range...
Testimony CORTEZ MASTO, CATHERINE
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"So let me see if I understand and clarify this. If we do not address this issue in the Clarity Act, but for instance, we do pass the Predictions in Markets or Gambling Act and outlaw it everywhere else, but it's allowed in this legislation, crypto and on the blockchain, there is a world where in crypto and the blockchain, prediction markets could exist and still do sports wagering and gambling in casino, serial gambling, gambling, correct? So what you're looking for is just the clear definition..."
CRS Report
Private Equity and Capital Markets Policy
Reports · Mar 28, 2022
Private equity (PE) is a type of private fund, meaning a fund that generally pools money from institutional and individual investors that meet certain criteria indicating they are more sophisticated...
Testimony JOHNSON, DUSTY
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"financial product that can help aggregate information and provide insight into future events. Drawing that line and determining whether our laws and regulators are equipped to do so is the central driving question before us today. Derivatives are tools. They're a means to an end. They're not an end themselves. While products aren't regulated on merit, they should, according to the CEA, serve a purpose, whether managing risk or surfacing useful information. They're not wagers, and the CFTC is..."
Testimony MR. ASAF MEIR
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"In my testimony, I make three main points. First, strong prediction markets, strong prediction protections already exist within the Commodity Exchange Act and CFTC regulation, both on paper and in practice. Our day-to-day is spent alongside compliance and teams that are deeply committed to applying these protections effectively. They do so by maintaining highly sophisticated risk monitoring programs staffed by highly trained teams and powered by best-in-breed monitoring"
Testimony FIGURES, SHOMARI
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"I want to begin by asking this, because I try to simplify issues. And this hearing is, you know, kind of focused around sports betting or sports markets and predictive markets. Is the solution we seek here for predictive markets to be more regulated like traditional gaming markets or for traditional gaming markets in the context of sports betting to be"
Testimony SCANLON, MARY GAY
H.R. 8464 – Stopping Fraudulent Payments Act; H.R. 8312 – Fraud Preven...
house Rules Committee · Jun 8, 2026
"All right. Thank you. I'm glad to hear that is a priority because most of the FBI and DOJ folks who work on that have been pulled off to do immigration work. But I think it is abundantly clear to anyone who's paying attention that the number one source of fraud, waste, and abuse in our federal government today is the Trump administration, whether it's shady crypto investments, insider trading on the stock market and prediction markets, or massive pay-to-play schemes for pardons and dropped..."
CRS Report
How Treasury Issues Debt
Reports · Jan 29, 2024
The U.S. Department of the Treasury (Treasury), among other roles, manages the country’s debt. The primary objective of Treasury’s debt management strategy is to finance the government’s borrowing...
Testimony SPEAKER_23
H.R. 7008 – Stop Insider Trading Act; H.R. 6955 – Main Street Capital ...
house Rules Committee · Jul 20, 2026
"There are bills, there's a number that you've referenced, we could do it in this bill. We'd need to take out the Save America Act provisions which don't deserve to be in this bill, but we could change this but require divestiture and private stock trades and the crypto market participation and prediction markets. Let's give the American people the kind of government they deserve and that they"
Hearing Hearings to examine proposed budget estimates and justification for fiscal year 2027 for the Supreme Court of the United States.
senate Financial Services and General Government Subcommittee · Jul 14, 2026 · Transcript
VAN HOLLEN, CHRIS "Well as a co-sponsor of what we call the CERT Act here, I hope you act before Congress does. I'd like to see the Supreme Court act on its own but I do think there needs to be an enforceable framework and I believe at some point there'll be the votes to do that if the Supreme Court doesn't do it itself. On a related sort of question of public confidence, I want to ask you about prediction markets because prediction markets have faced very little federal oversight. They're largely self-regulating. We've already seen insider trading by government officials in other branches and in the military...."
Hearing H.R. 8464 – Stopping Fraudulent Payments Act; H.R. 8312 – Fraud Prevention and Accountability Act; H. Res. 1335 – Condemning actors seeking to...
house Rules Committee · Jun 8, 2026 · Transcript
SCANLON, MARY GAY "All right. Thank you. I'm glad to hear that is a priority because most of the FBI and DOJ folks who work on that have been pulled off to do immigration work. But I think it is abundantly clear to anyone who's paying attention that the number one source of fraud, waste, and abuse in our federal government today is the Trump administration, whether it's shady crypto investments, insider trading on the stock market and prediction markets, or massive pay-to-play schemes for pardons and dropped enforcement cases. The Trump administration has ushered in blatant and open corruption in this White..."
Hearing H.R. 8800 - National Defense Authorization Act for Fiscal Year 2027
house Armed Services Committee · Jun 4, 2026 · Transcript
SPEAKER_04 "That's what we're talking about building. This battleship is a boondoggle. And while I'm against the corrupt prediction markets, I'm going to make a prediction. This vanity project is going to"
Hearing From Wall Street to Main Street: The Future of How America Invests
house Capital Markets Subcommittee · Jun 25, 2026 · Transcript
CASTEN, SEAN "Okay. I stay on the Robin Hood thing because back before redistricting, the young man who took his life after being led by Robin Hood to invest in, this is the whole Alex Kern story was from my district. I've not seen that Robin Hood has done anything to get away from this idea of let's gamify these apps to make it exciting to trade, tell you what your friends are trading, make stock markets look like casinos, and certainly their embrace of crypto and prediction markets is heading further down that path. And as a parent myself, I would like to be able to protect my kid from that and not go..."
Hearing Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Examining Derivatives’ Role in the Treasury Market
house Financial Services Committee · Apr 29, 2026 · Transcript
MR. TERRENCE DUFFY "Right. So, first of all, we only list certain prediction markets. We have a partner in Fanduel. It was a distribution participation for their clients to trade in our marketplace. We think it is a good, smart thing. They got a little caught off guard, I believe, as it relates to some of the prediction markets on sports, and I think that that has to be determined if predictions on sports are gambling or are they swaps, and I don't believe that answer has been fully baked, and I think that will end up in the Supreme Court for a decision and I think it is really important that"
Hearing Committee on House Administration Full Committee Markup on Various Measures
house Committee on House Administration · Jun 24, 2026 · Transcript
STEIL, BRYAN "They turn on their phone, and they make an otherwise legal bet or a prediction, because this wouldn't impact gambling through, say, like a DraftKings, but it would impact prediction markets, say, through Kelsey or Polymarket, and they go on to make an otherwise legal prediction on the outcome of the NCAA tournament. Maybe they put $10 down, they triple their money, however that plays"
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"That's where Congress comes in with minimum standards and then respects the 10th Amendment for states to go further if they like. Following on what the President is saying, I agree with you. However, you mentioned, you know, Polly Market not being official. Polly Market is the official prediction market partner of Major League Baseball and the NHL. They're here. They're operating. The issue is there's no enforcement. This is all taking place right now, right in front of our eyes, and you can..."
CRS Report
Proposals to Limit Member of Congress Financial Activities: Analysis of Introduced Legislation in the 119th Congress
Report · Jul 29, 2026
In recent years, some Members of Congress have proposed reforms that would prohibit the purchase, sale, ownership, or holding of certain financial instruments by Members of Congress and other...
CRS Report
Sustainable Aviation Fuel (SAF): Production Pathways
Resources · Mar 14, 2025
Many in Congress have expressed an interest in sustainable aviation fuel (SAF)—a nascent industry. SAF may potentially provide market opportunities for both agricultural producers and biofuel...
Testimony SPEAKER_04
H.R. 8800 - National Defense Authorization Act for Fiscal Year 2027
house Armed Services Committee · Jun 4, 2026
"That's what we're talking about building. This battleship is a boondoggle. And while I'm against the corrupt prediction markets, I'm going to make a prediction. This vanity project is going to"
Testimony JAMIE HUMMINGBIRD
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"The answer must and should be an emphatic no. On behalf of the NTGCR and the tribal gaming regulators who protect the industry of Indian gaming every day, I respectfully ask this committee to defend IGRA, uphold the federal trust responsibility, require the CFTC and other companion federal agencies to engage in meaningful tribal consultation, and ensure that no federal agency or private market actor is permitted to erode tribal sovereignty through prediction market rebranding. I thank you again..."
Testimony CASTEN, SEAN
From Wall Street to Main Street: The Future of How America Invests
house Financial Services Committee · Jun 25, 2026
"Okay. I stay on the Robin Hood thing because back before redistricting, the young man who took his life after being led by Robin Hood to invest in, this is the whole Alex Kern story was from my district. I've not seen that Robin Hood has done anything to get away from this idea of let's gamify these apps to make it exciting to trade, tell you what your friends are trading, make stock markets look like casinos, and certainly their embrace of crypto and prediction markets is heading further down..."
Testimony MR. TERRENCE DUFFY
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Apr 29, 2026
"Right. So, first of all, we only list certain prediction markets. We have a partner in Fanduel. It was a distribution participation for their clients to trade in our marketplace. We think it is a good, smart thing. They got a little caught off guard, I believe, as it relates to some of the prediction markets on sports, and I think that that has to be determined if predictions on sports are gambling or are they swaps, and I don't believe that answer has been fully baked, and I think that will..."
Testimony STEIL, BRYAN
Committee on House Administration Full Committee Markup on Various Mea...
house Committee on House Administration · Jun 24, 2026
"They turn on their phone, and they make an otherwise legal bet or a prediction, because this wouldn't impact gambling through, say, like a DraftKings, but it would impact prediction markets, say, through Kelsey or Polymarket, and they go on to make an otherwise legal prediction on the outcome of the NCAA tournament. Maybe they put $10 down, they triple their money, however that plays"
Testimony CORTEZ MASTO, CATHERINE
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"I appreciate the Chairman being here because this has helped me to understand as well. As I work on the market structure for clarity, which is to give the cryptocurrency, crypto, some sort of market structure and regulation for cryptocurrency, what is your concern that somehow that opens the door for this type of prediction market to continue through cryptocurrency? Maybe the solicitor, let me have you address"
Testimony MR. CHRISTOPHER CYLKE
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"And so, I think that is one, in terms of the marketing around the product. Certainly, self-exclusion lists are a big part of making sure that people who have gambling problems are not exposed to marketing and advertising and can't engage with the product. And so, I think that's one of the biggest departures, where not only is it not addressed, but the prediction markets say, this isn't even gambling, and so there doesn't need to be any real fit-for-purpose regulations"
Testimony JOHNSON, DUSTY
"Examining Customer Protections and Market Integrity in Sports Event P...
house Agriculture Committee · Jul 21, 2026
"questions that we had never really contemplated when we wrote the laws years ago. And yet, despite all of the attention, event contract markets represent a small fraction of the activity across the markets regulated by the CFTC. The reason we've got so much interest, the reason we got the hearing today, is that although they're a small portion, there's tremendous growth. And the growth of sports-related prediction markets have raised unique questions, and those are the questions we want to get..."
Testimony SMITH, TINA
Business meeting to consider an original bill entitled, "Agricultural ...
senate Agriculture, Nutrition, and Forestry Committee · Aug 6, 2026
"Mr. Chair, you know, we have a saying in my family, if it walks like a duck and it quacks like a duck, it probably is a duck. And that has been very much in my mind as we have seen over the last year and a half, explosive growth in these prediction markets, Cal-She and PolyMarket, that are claiming to be offering event contracts when any reasonable person can see that this is essentially unregulated gaming. And as we all know on this committee, gaming is strictly a matter of state and tribal..."
Testimony SMITH, TINA
Business meeting to consider an original bill entitled, "Agricultural ...
senate Agriculture, Nutrition, and Forestry Committee · Aug 6, 2026
"And also, very importantly, under the Indian Gaming Regulatory Act. However, for the last year, so these so-called prediction markets, betting by any other name, have been offering contracts that are nothing more than betting on sports games. And this is happening in all 50 states. It's happening on tribal reservations in direct contradiction of what Congress has said in the Indian Gaming Regulatory Act. So this amendment is really simple. It says that you cannot claim a federal exemption as a..."
Testimony SCHIFF, ADAM B.
Business meeting to consider an original bill entitled, "Agricultural ...
senate Agriculture, Nutrition, and Forestry Committee · Aug 6, 2026
"I remember during the confirmation hearing of Michael Selig for the CFTC chairmanship, I asked what the CFTC's position would be on prediction markets on sports betting. I asked in particular whether if I put a bet on the Bills game on Sunday, would that be a sports bet? And his answer was, well, that's a complicated question. And my view was, is it really,"
Testimony MURKOWSKI, LISA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"We are here in the Senate Indian Affairs Committee. And this is an issue, prediction markets is an issue, that has generated a fair amount of interest, I would suggest, as I look to my vice"
Testimony MURKOWSKI, LISA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Interest and concern and kind of a desire to have, if not action, certainly a more open conversation about what we are seeing within the prediction markets. And more important to that, what it means for tribal entities, the tribal implications and beyond. So here in the committee, we've invited tribal, state, and public health leaders to help us better understand the rapid growth of what we're seeing with prediction markets and what that means for tribal governments, consumers, I'll be the..."
Testimony MURKOWSKI, LISA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"I was looking at them as kind of this novelty thing, and yet our reality is today, millions of Americans are using them. One leading platform reports having more than 5 million monthly active users. And these platforms are really being integrated into everyday life. But they're raising important questions about the utility and safety of prediction markets and the legal status of the event contracts that are being bought and sold on these platforms. The number and variety of event contracts..."
Testimony MURKOWSKI, LISA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Many tribes and states argue that these sport event contracts amount to sports betting and therefore should be subject to tribal and the state gaming laws. Prediction market platforms and CFTC, in contrast, take the position that these sports event contracts are swaps, a financial derivative, and therefore a federally regulated financial instrument under the exclusive jurisdiction of the CFTC. CFTC has also recently proposed new rules on prediction markets and the type of events that contracts..."
Testimony MURKOWSKI, LISA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"So I think it speaks to the point about a disruption to the gaming industry and the consequences that would go far beyond casino operations. It could affect tribal governments, families, and rural areas at a time when many are already dealing with increased prices and constrained economic growth. So what's clear is that prediction markets will have impacts on the economy, communities, and families around the country. What is unclear is the full nature and extent of these"
Testimony SCHATZ, BRIAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Thank you, Chair Murkowski, and thank you to all of the testifiers and for everyone in this packed house. I've met with many of you over the last several weeks and heard about the impacts of unregulated trading on prediction markets on your gaming enterprises. And I want to quote a federal judge in the Ninth"
Testimony SCHATZ, BRIAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"you can do so through a gambling app, or you can do so through a prediction market app. The consumer experience is exactly the"
Testimony CORTEZ MASTO, CATHERINE
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"And end labor. That at the end of the day, when we of the day when we're talking about these prediction markets, a majority of them are actively engaged in sports gaming or casino style gaming, and I think what I've heard from the tribes and the gaming community across the country is that it's not that they want to outlaw them all together. It's that they want to preserve their right to regulate in their space, and we will find out today. The tribes have regulated this in their"
Testimony TEHASSI HILL
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"All right. Good afternoon. Thank you. As mentioned, my name is Tehassi Hill. I'm honored to serve as vice chairman of the Indian Gaming Association and also chairman of the Oneida Nation. Up front, I want to make it clear that Indian country is rural America. We are farmers and growers. We support responsible innovation and the use of futures to hedge risks and ensure fair pricing. However, we are strongly opposed to prediction markets that have manipulated a weak regulatory agency to offer..."
Testimony TEHASSI HILL
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"requirements. We invest in problem gambling programs that include treatment, education, self-exclusion, and staff training. Prediction markets threaten these rural jobs and revenue generated for tribes and state governments' budgets by violating our laws and regulations. They claim to be innovators, but they have invented nothing. Prediction markets offer bets identical to those legal regulated sports books. Money lines, totals, parlays, prop bets. The only difference is the prediction markets..."
Testimony MARK MACARRO
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Thank you, Chairman Murkowski, Ranking Member Schatz, and the other distinguished members of this committee for holding this roundtable on prediction markets. My name is Mark Macarro and I am the president of NCAI, the National Congress of American Indians, and also the tribal chairman for the Pechanga Band of Indians in California. And today I want to raise three primary points. The first is the regulatory framework of the Indian Gaming Regulatory Act that it must be respected. Congressional..."
Testimony MARK MACARRO
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"ensure regulatory accountability, and affirm and strengthen tribal sovereignty. This framework, however, did not happen by accident. It was built deliberately through hard-won negotiation and sustained efforts. But watching a fundamentally distinct federal agency step into this space without authority, without consultation, and without regard for the existing framework is deeply troubling. It usurps all the infrastructure for successful tribal gaming. Today, prediction markets are being used to..."
Testimony MARK MACARRO
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"through so-called event contracts. Senator Lincoln specifically warned that it would be easy to construct event contracts around sporting events like the Super Bowl, the Kentucky Derby, or the Masters, contracts that would serve no legitimate commercial purpose and exist solely for gaming. And I'll just add that this year's Super Bowl in San Francisco, one of these prediction market operators, Cal Chic, wagered – well, there were over $1.5 billion that were wagered on the Super Bowl through Cal..."
Testimony MARK MACARRO
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"diverted, so too is the ability of tribal governments to meet their responsibilities to serve their citizens. Put it this way, every dollar wagered on unregulated gaming like illegal prediction markets is a dollar pulled away from tribal jobs, tribal facilities, and tribal community programs. These event contracts are not a neutral alternative. They compete directly with regulated tribal gaming for the same consumer dollars, but without the compacts, without oversight, and without..."
Testimony MARK MACARRO
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Third, the CFTC must engage in meaningful consultation with tribal nations. Consultation is not a courtesy. It is a legal and moral obligation the federal government owes to sovereign tribal governments, affirmed time and again through treaties, statute, executive orders, and the government-to-government relationship that defines federal Indian policy. And yet, the CFTC is advancing prediction market products that function like gaming without ever sitting down with the tribes whose economies..."
Testimony JAMIE HUMMINGBIRD
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Thank you, Chairman Murkowski, Vice Chairman Schatz, and members of the committee. I thank you for the opportunity to appear before you today on behalf of the National Tribal Gaming Commissioners and Regulators, the men and women that so noted by Vice Chairman Hill, the 6,000 men and women that are effectively regulating tribal gaming across the country today, protecting the integrity of the Indian Gaming Regulatory Act, tribal state compacts, and the federal trust responsibility owed to tribal..."
Testimony JAMIE HUMMINGBIRD
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"purported commodities, derivatives, or swaps, but let's be clear here today and call them by their true name. When you wager something of value on the outcome of a sporting event, it's sports wagering. Relabeling the wager as an event contract or a prediction market or a derivative does not change what it is. If the federal government permits CFTC regulated platforms to offer sports wagers nationwide outside of tribal and state gaming systems, it will create a federal loophole that bypasses..."
Testimony JAMIE HUMMINGBIRD
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"In Nevada, the Nevada Gaming Control Board accepted the surrender of Flutter Entertainment and FanDuel approvals and approved withdrawal requests from DraftKings pending sports wagering applications after concluding that the company's intended sports event contract activity was incompatible with participation in Nevada's gaming industry. Public reporting likewise states that DraftKings and FanDuel abandoned or withdrew Nevada licensing efforts while pursuing prediction market products. This is..."
Testimony JAMIE HUMMINGBIRD
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Tribal gaming regulators enforce licensing, internal controls, annual audits, responsible gaming safeguards, age and identity verification, as well as market integrity protections. Prediction market sports contracts do not have an equivalent protection. A national loophole for sports wagers under a financial label risks underage"
Testimony MATHURA SRIDHARAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"facilitating price discovery, nor is it helping producers or consumers hedge against future uncertainty. As one prediction market put it, these products exist merely for diversion and amusement. That difference critically informs the regulatory"
Testimony MATHURA SRIDHARAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"among other things. Prediction markets bypass many of these state law protections. The risks extend well beyond access to the products themselves. Increasingly, the evidence suggests that a relatively small number of sophisticated traders on prediction markets profit from a much larger number of casual sports"
Testimony MATHURA SRIDHARAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"and protecting vulnerable populations. Those are precisely the issues prediction markets now present. Any federal solution should give due regard to the state's expertise on the"
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"I've tabled my pre-printed remarks. I'm gonna get us dangerously close to back on schedule for you. That doesn't mean anyone in the prediction market should be posting an under right now, but that's my one gambling joke of the day. My name is Harry Levant. I'm the Director of Gambling Policy with the Public Health Advocacy Institute at Northeastern University School of"
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"And secondly, do I think I could get sober today in this world? Whether we're talking about micro betting on traditional apps, or we're talking about prediction markets, online sports betting is a fundamentally different, inherently"
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"the sports leagues, the teams, the owners, the players, the gambling companies, AI companies, now prediction markets. It brings them all together in a collective"
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"It's the equivalent of grandmom's Thanksgiving apple pie. You know, at the end of Thanksgiving night, we all say, give me a little piece of pie, uh-uh. We all want as big a piece of pie that night as we can get. And the same thing is true with all of the entities involved in delivering micro betting and prediction market, micro betting. They all want as big a piece of pie as they can get their hands"
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"is devastatingly lethal. That's for another hearing. Prediction markets take us to a whole new level. And in closing, before we turn to questions, be there any doubt of whether prediction markets, sports contracts, or"
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"six clients in my recovery group return to gambling on prediction markets. Because they thought they were making"
Testimony MURKOWSKI, LISA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"We have a lot of members here, and I want to make sure that we have an opportunity to weigh in with those who we've invited. I'm just going to ask a really quick question, and I think this is probably directed to you, Vice Chairman Hill, because Senator Schatz has mentioned it. I mention it in my comments. It was mentioned by several of our tribal leaders here. The impact that prediction markets pose to tribal and other gaming operations in terms of the revenues that then come and support in so..."
Testimony TEHASSI HILL
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"proposed that constitutes the height of regulatory agency capture. Again, thank you for this opportunity and we look forward to this discussion. Yes. Thank you, Madam Chair, for the question. Currently, IGA is working on analyzing national data on the impacts of prediction markets on tribal sports gambling. The data is primarily proprietary, and to obtain it, we would have to have the tribes give us that"
Testimony TEHASSI HILL
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"I think the amendments to the Clarity Act would be probably step one, or moving forward with the Senate bill that prediction markets are sports betting. Yeah, I think that is important information, but then also looking at the numbers that we are able to report on about the NIGC's report that tribal gaming expanded about 4 or 5 percent, 24 to 25. But then you look at those totals from the prediction markets of 2,000 percent growth from one year over the next. That is really, I think, very..."
Testimony SMITH, TINA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Appreciate the chance for us to hear from everybody. Thank you. Thank you so much. I really appreciate this. I serve both on this committee and also on the agriculture committee. Chair Bozeman can vouch for how I have asked many of these questions of the Commodities Futures Trading Commission as well as we try to figure out like how it is that we have this sort of just rapid expansion of prediction markets and complete contravention to IGRA and state tribal compacts and tribal sovereignty. Your..."
Testimony TEHASSI HILL
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"with the Senate bill that prediction markets are sports betting. Yeah, I think that is important information, but then also looking at the numbers that we are able to report on about the NIGC's report that tribal gaming expanded about 4 or 5 percent, 24 to 25. But then you look at those totals from the prediction markets of 2,000 percent growth from one year over the next. That is really, I think, very expansive numbers. That definitely has to have an effect on legal gambling in all the states..."
Testimony SMITH, TINA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"That is great. Just quickly, following up on what Senator Schatz was asking about, would it not make sense to have an amendment to the Clarity Act or potentially to the Farm Bill, which would just clarify that the CFTC does not preempt IGRA or tribal state compacts or tribal sovereignty, that prediction markets should abide by existing law? Mr. Hummingbird, you laid out, I think I heard, three things that we would want to accomplish. It seems to me that we have potentially moving vehicles that..."
Testimony SMITH, TINA
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Trading Commission—the Commodity Futures Act does not preempt IGRA or tribal state compacts and that prediction markets need to abide by existing law. That seems to me to be a fairly simple and should be"
Testimony BOOZMAN, JOHN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"I think you've got a really good case to make. I don't think enough people up here understand it yet. The remarkable thing about the prediction markets is how fast they've grown. Nobody envisioned this happened within, what did you say, early 25"
Testimony BOOZMAN, JOHN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"It'd be like you having an important bill and somebody sticking the farm bill in your bill. I don't think those things are going to happen. I think you run into the same problem with clarity in the sense that crypto is not prediction markets. I think you've got to build your"
Testimony MATHURA SRIDHARAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"I think maybe this connects back to something Senator Smith was asking about as well. One of the things that has been a large part of the fight here is trying to fit these sports betting wagers and these prediction markets or these trades that are happening into a particular financial instrument that's already being regulated under federal law. Now, the Commodity Exchange Act lists a number of instruments, options, futures, and the one that we keep fighting about is swaps for the most part. And..."
Testimony MATHURA SRIDHARAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"I think that's right. But with one caveat, I think cryptocurrencies might fall under other forms of regulation under federal law, including, for example, the Securities Exchange Act. So I think we do need to be careful about how these instruments are being defined, whether they fall under the Commodity Exchange Act's umbrella or some other federal law. And so to the extent that I am comfortable speaking about the Commodity Exchange Act, because that's where all of the prediction market..."
Testimony CORTEZ MASTO, CATHERINE
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"So what you're looking for is just the clear definition that this new financial market should not allow this type of gaming, prediction markets, in the way that they're trying to do right now in sports wagering and gambling. Anyone"
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Emphasis on short term that you can actually do. Bring the sports league commissioners in, place them under oath, get to the bottom of why they are selling their data for gambling purposes on prediction markets. The New York Mets entered into a multi, multi-billion dollar contract with a brand new prediction market yesterday. You could have hearings today similar to the tobacco hearings. Things will change. Prediction markets have been around a long time. The prediction markets aren't new...."
Testimony HARRY LEVANT
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"No. I just take it a step further, though. But there still needs to be minimum federal safety. So you can't just pass this back and have patchwork of 50 different states. There has to be minimum federal safety standards under the plenary authority of Congress, whether we're talking about sports contracts under prediction markets or we're talking about more traditional same game parlays on DraftKings. There is an overwhelming need we've seen in the eight years since Murphy. This is out of..."
Testimony CORTEZ MASTO, CATHERINE
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Am I missing that? Is that correct? And let me just have one final question, because I know and I think this is the distinction. Let me ask you, what rules and regulations do tribal regulated sports books have to follow that Cal she and other prediction markets do not? And what I mean by that is I know traditionally there's been consumer"
Testimony JAMIE HUMMINGBIRD
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"If there are federal regulations out there, safeguards for this, at present there are not. There's nothing comparable from the CFTC that even remotely approaches what we have in Indian gaming. We're even on the tribal state compact side of things. So in order for them to offer something that we feel is equally covered under our existing frameworks, our existing tribal state compacts, we would expect CFTC and the operators in the prediction market realm to follow as robust a regulatory scheme as..."
Testimony ARMSTRONG, ALAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"Because in Oklahoma, the sports book has been an issue in play for a long time in terms of state versus tribes. And I'm curious how you think, how well you all have been measuring the impact of online betting, including sports betting and including the prediction markets, and how big of an impact you all think that is to the Oklahoma tribes? And maybe just at a high level, what's been the trend of Indian gaming revenues through this period as we've seen this growth in prediction market"
Testimony ARMSTRONG, ALAN
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"And I'm curious how you think, how well you all have been measuring the impact of online betting, including sports betting and including the prediction markets, and how big of an impact you all think that is to the Oklahoma tribes? And maybe just at a high level, what's been the trend of Indian gaming revenues through this period as we've seen this growth in prediction market betting? Please, thank"
Testimony MARK MACARRO
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"What would be a truer number would be to compare a same facility year-over-year performance. And we think that that would present a very different picture if that were to be done. So aggregate growth from new entrants doesn't really tell us anything meaningful about where prediction markets are eroding customer base of facilities that are already operating. Now, I can tell you on an individual basis, tribal property by tribal property, fairly certain we track revenue in similar"
Testimony MARK MACARRO
Hearings to examine tracking prediction markets' exponential growth, f...
senate Indian Affairs Committee · Aug 4, 2026
"We haven't, we don't have it, those quantifications or metrics, ready to hand over yet, which is why I asked about the open record, how long that record would be open for this, but we see those impacts, because revenue is tracked daily, weekly, monthly, and compared. So we can look, immediately pre-test, where prediction markets started to operate in California, and sports betting is illegal in"