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Senate Banking Democrats demand public hearing on prediction markets
The call follows a private meeting between panel Republicans and Kalshi CEO Tarek Mansour, and cites Congress’s oversight role for the fast growing market.
Senate Banking Committee Democrats urged the panel chair, Sen. Tim Scott, to hold a public, bipartisan congressional hearing on prediction markets, according to The Block.
In a letter sent to Scott on Wednesday, the Democrats said the committee has a “critical oversight role to play” and argued it is important for Congress to examine prediction markets in a public hearing rather than a closed, Republican-only industry roundtable.
The request came the same day that Scott and other Senate Banking Republicans met privately with Kalshi CEO Tarek Mansour, with Scott saying the discussion covered bringing innovation onshore, how investors use the products, steps to protect retail investors, and regulatory questions Congress should address.
The Block also notes that the Commodity Futures Trading Commission has asserted a leading role in regulating prediction markets, despite pushback from some states that argue they have authority over sports event contracts.