A prediction market company was questioned at a hearing before the U.S. Senate Commerce Committee regarding its surging business.

PANews reported on May 21 that, according to CoinDesk, the U.S. Senate Commerce Committee held a hearing on the surge in prediction markets, with platforms such as Kalshi and Crypto.com undergoing two hours of questioning. Committee Chairman Ted Cruz criticized the cheating scandals involving athletes, citing examples such as NBA players accused of performance manipulation, MLB pitchers suspected of rigging pitches for money, MLS players intentionally receiving yellow cards, and UFC matches being canceled due to suspected match-fixing. Senator John Hickenlooper accused prediction market companies of "preying on young people" by advertising on social media. Industry representative Patrick McHenry argued that trading was limited to users over 18, with an average user age of 33. Addiction expert Harry Levant testified that prediction markets are "known addictive products, like heroin." CFTC Chairman Mike Selig stated that lawsuits are being filed against states such as Minnesota and Arizona to defend the agency's regulatory authority over prediction markets. Bill Miller, president of the American Gambling Association, stated that the CFTC is "absolutely incompetent" in its regulatory role and is harming tribal and state finances. Cruz indicated that the Supreme Court may ultimately need to rule on this issue.

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Author: PA一线

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