Senate to Decide Fate of Prediction Markets in the U.S.

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Transcript

00:00the senate getting involved on uh to figure out whether or not these should exist that's really

00:04the bottom line uh what are prediction markets let's educate people here these are companies

00:10that basically have listed the possibility of you putting money on something that can be predicted

00:16in the future does it sound like sports betting yes it does do they say it's sports betting no

00:22they don't so naturally sam eventually this summer or in the fall this is going to come to a head

00:28one way or the other sam prediction markets are going to either be eliminated or they're going to

00:34pop up everywhere around the united states and sports betting is going to be the wild wild west

00:39yeah and by the way craig they already are popping up everywhere if you open up a robin hood app right

00:47now you can not only uh pay for your uh finance your uber eats order or your doordash order but

00:53you can be asked if you want to bet on the outcome of a game but like you so eloquently put it

00:57not actually betting you just had to use a lot of words to explain what the actual process was

01:03and then you have to take five seconds and say wait that sounds a lot like sports betting and for

01:07lawmakers it's the same they just held a hearing this week on the new uh nominee to head the cftc

01:13which supposedly is going to be the agency that figures all this out when this comes to a head this

01:19summer they've talked about having a hearing to be the first step of figuring out what the heck we do

01:25in this process because you've had companies like calci polymarket just launch these markets in 50

01:30states and say whoa we're not sports betting we can keep acting and by the way they don't have to

01:36get any of their markets approved by anybody they can offer whatever whenever because they operate

01:41via a self-certification process meanwhile the cftc has done nothing there's a new commissioner that's

01:46been nominated the senate is hearing the nomination and trump's nominee to head the cftc which is supposedly

01:54going to figure out whether these prediction markets are sports betting or whether they are not

01:58like you put it craig he is actually a board member of calci which is the biggest company in this space

02:03he was grilled by senators at the hearing this week about potential conflict of interest he said he'll

02:08recluse himself uh if he gets nominated but a lot of senators have brought up the fact that you know

02:13you'll still kind of have a bias against us so on top of that donald trump's son donald trump jr

02:19is also a member of calci and works for that company so it'd be very favorable for the administration

02:25and the guy who has been nominated to figure this all out if this stuff continues meanwhile other people

02:32have called for them to reject his domination i think only about nine cabinet members or federal

02:36agency members have ever been rejected in u.s history the last one being in 1983 so that would be

02:42very unlikely uh but it is possible that he withdraws his name if this gets enough kind of attention

02:47about the potential conflict of interest so they're going to decide on this process in the coming

02:53weeks whether he's confirmed or not um but it just adds to the growing uncertainty around this crazy

02:57prediction market stuff which again is technically not sports betting but it kind of is