US Senate Banking Committee Democrats Demand Public Hearing on Prediction Markets

According to Odaily, all Democratic members of the U.S. Senate Banking Committee sent a letter to Committee Chairman Tim Scott requesting a public hearing on prediction markets, arguing that the committee bears important oversight responsibilities regarding the regulation of related markets.

On the same day, Scott and Republican members of the committee privately met with Kalshi CEO Tarek Mansour to discuss securities-linked prediction market products, investor protection, and regulatory issues. Democratic lawmakers believe that some prediction market products tied to corporate performance metrics may fall within the SEC's regulatory scope and should be reviewed through a public, bipartisan process. (The Block)