Facing legislation that asserts they are little more than unregulated gambling websites, prediction market companies announced a slew of changes meant to assuage concerns that the sites could lead to corruption in sports, politics, and global events.
On Monday, U.S. Senators John Curtis, R-Utah, and Adam Schiff, D-California, introduced the Prediction Markets Are Gambling Act. The legislation is meant to reclassify prediction markets as gambling websites and remove the ability of the Commodity Futures Trading Commission (CFTC) from having the power to register them.
