00:00It's Benzinga bringing Wall Street to Main Street.
00:02A bipartisan group of senators introduced legislation Monday to ban commodity futures
00:07trading commission-regulated platforms, including Kelsher and PolyMarket's U.S. platform,
00:12from offering contracts tied to sports and casino-style games.
00:16According to the Wall Street Journal, it is the first bipartisan Senate bill to regulate
00:21prediction markets. It also proposes banning casino-style games, including slots, video
00:26poker, blackjack, and bingo, from these platforms. Although Kelsher and PolyMarket offer yes-or-no
00:32wagers across topics like politics and weather, most activity centers on sports. Placing them
00:38in competition with betting platforms like FanDuel and DraftKings, Dada Kelsher's spokeswoman said
00:43banning sports on prediction markets would push activity offshore without oversight and argued
00:48the bill is driven by casino industry competition concerns. PolyMarket and the CFTC didn't respond
00:54to the journal's requests for comment. For all things money, visit benzinga.com.
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