Gambling industry groups ask the US Senate to clarify the CFTC's role. They want Congress to ban prediction markets for sports betting, ensuring the Commodity Futures Trading Commission lacks authority over these activities, preventing potential oversight.
Gaming and gambling groups are asking Congress to step in. They want a new law, the CLARITY Act, to make it clear that the Commodity Futures Trading Commission (CFTC) does not have power over prediction markets, especially for sports betting. These groups believe the CFTC should not oversee these types of betting. This action is designed to stop the CFTC from regulating prediction markets, which are seen as a form of gambling rather than traditional commodities. The industry wants a clear legal distinction to protect its interests and ensure proper regulation in the Web3 space.
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