Gillibrand and McCormick introduce bill to regulate prediction markets
Updated
Updated · POLITICO · Apr 30
Gillibrand and McCormick introduce bill to regulate prediction markets
12 articles · Updated · POLITICO · Apr 30
The move follows the federal arraignment of US soldier Gannon Ken Van Dyke, 38, accused of using military plans on Nicolás Maduro to place more than a dozen bets and net over $400,000.
The bill would let the CFTC ban contracts on war, violence and terrorism case by case, while requiring platforms including Polymarket and Kalshi to verify users are at least 18.
It comes as Washington debates oversight of a fast-growing sector backed by Donald Trump Jr, while the White House ended two Polymarket probes and the CFTC has fought state regulation.
Can new regulations truly stop insider trading on military secrets when markets are global and decentralized?
Is a soldier's $400k win the final straw that will transform these markets from a wild west to a regulated utility?
With states calling it gambling and feds calling it finance, who will win the right to regulate prediction markets?