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BREAKING: U.S. lawmakers push to bar sports betting on prediction markets

Sen. Adam Schiff is introducing legislation that would prohibit sports-betting contracts on prediction markets, arguing the products are "addictive" for young people and should be regulated under state gambling laws rather than the Commodity Futures Trading Commission's commodity framework. The CFTC is mounting a forceful defense, asserting exclusive federal jurisdiction and filing court briefs to protect its authority. This month, four states issued cease-and-desist letters. Arizona and Massachusetts went further, escalating actions against Kalshi to criminal charges.
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