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

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

The American Gaming Association, together with organizations such as the Indian Gaming Association, the Hotel and Gaming Trades Council affiliated with the AFL-CIO, and UNITE HERE, jointly stated in a letter that they are deeply concerned about prediction markets driving the largest expansion of gambling in U.S. history over the past 18 months. The letter points out that Congress should use the crypto legislation to reaffirm a principle that sports betting is not within the jurisdiction of the U.S. Commodity Futures Trading Commission and cannot be offered through prediction market platforms. (semafor)