""There seems to be a growing consensus that the status quo is unsustainable," said Rep. Ritchie Torres, a New York Democrat who was an early entrant into Congress' prediction market debate."
"Senate Commerce Committee members have discussed holding a hearing focused on the industry, according to four people granted anonymity to discuss the private conversations."
"House Minority Leader Hakeem Jeffries - after referencing the markets' high odds that Democrats would win the midterms - told reporters last week it was 'reasonable for us to take a look at what can be done in this space and to try to find a bipartisan path forward.'"
The regulation and taxation of prediction markets, such as Kalshi and Polymarket, is a contentious issue involving states, tribes, and a growing industry. Lawmakers from both parties are considering measures to combat insider trading, including by Congress members. There is a consensus that the current regulatory framework is inadequate. Congressional committees are planning hearings and briefings on the matter, while discussions have yet to reach GOP leadership. The prediction markets are gaining attention as they transition from niche platforms to significant investment opportunities.
Read at POLITICO
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