WASHINGTON, D.C. – Senator Adam Schiff (D-CA) and Senator John Curtis (R-UT) introduced a bipartisan bill to stop sports betting and casino gambling through prediction markets. Titled “Prediction Markets Are Gambling Act,” the bill amends the Commodity Exchange Act to prohibit entities registered with the Commodity Futures Trading Commission (CFTC) from listing any contracts that relate to sports betting or casino-style gambling. The bill will be referred to the Senate Agriculture Committee.
Indian Gaming Association Chairman David Bean voiced strong support for the bill, noting that, “It will reaffirm existing tribal and state government authority to regulate sports betting, limit online gambling, or in some cases, continue to prohibit all forms of gambling. The bill will also quiet the chaos and federal overreach that the CFTC is fostering. Other than the growing number of court decisions siding with tribes and states, prediction market platforms have seen no accountability and no oversight, as they disregard clearly established regulations while exposing consumers to unchecked gambling. We look forward to working with leaders in Congress to hold these platforms accountable to protect consumers, sports integrity, and tribal and state sovereignty.”
In 2011, the CFTC established regulations that expressly prohibit registered entities from listing a contract that “involves, relates to, or references terrorism, assassination, war, gaming, or an activity that is unlawful under any State or Federal law”. However, in January of 2025, the CFTC dropped federal court appeals challenging prediction markets and essentially stopped enforcement of its own regulation.
Since his Senate confirmation, CFTC Chairman Michael Selig has actively fostered online sports gambling through prediction markets. Selig has filed legal briefs opposing state and tribal government efforts to stop sports betting through prediction markets. He also announced that the agency will engage in a rulemaking to weaken its existing regulations.
Senators Curtis and Schiff come to this issue from unique perspectives. Schiff represents the State of California, which has a flourishing tribal government gaming industry that is strictly regulated and currently prohibits all forms of sports betting. Curtis represents the State of Utah, which criminally prohibits all forms of gambling. However, their views on the issue of prediction markets is aligned in the need to restore local tribal and state government authority over the issue of gambling.