US Senators Urge CFTC to Investigate Polymarket Over Fraudulent Marketing

OdailyOdaily Planet Daily reported that Republican Senator John Curtis and Democratic Senator Adam Schiff sent a letter to Commodity Futures Trading Commission Chairman Mike Selig on Thursday, urging the agency to investigate the prediction market platform Polymarket. The letter stated that Polymarket is suspected of paying social media influencers to film fake betting videos, using fraudulent marketing tactics to promote gambling-like products to U.S. audiences.

Previous reports indicated that Polymarket paid influencers to record fake transactions on websites similar to its platform, and many creators failed to disclose the payment. A review found that over 1,100 videos contained 70% fake bets, with a total value of nearly $2 million. Additionally, according to sources familiar with the matter, the CFTC is conducting an ongoing and broad investigation into Polymarket. The senators have requested the CFTC Chairman to provide a written response on the relevant issues by July 10. (cointelegraph)