Gambling industry and labor unions jointly push for inclusion of clauses in crypto legislation to ban prediction markets from offering sports betting

Odaily Planet Daily News The gambling industry is joining forces with labor unions to urge lawmakers to include restrictive clauses in pending cryptocurrency legislation, prohibiting prediction markets like Kalshi from offering sports betting.

The American Gaming Association, along with the Indian Gaming Association, the Hotel and Gaming Trades Council of the AFL-CIO, and UNITE HERE, among other organizations, jointly sent a letter stating that the organizations are deeply concerned that prediction markets have driven the largest expansion of gambling in U.S. history over the past 18 months. The letter states that Congress should use crypto legislation to reaffirm the principle that sports betting does not fall under the jurisdiction of the U.S. Commodity Futures Trading Commission and cannot be offered through prediction market platforms. (semafor)