According to ME News, on June 17 (UTC+8), the gambling industry is collaborating with unions to urge lawmakers to include restrictive provisions in pending cryptocurrency legislation, prohibiting prediction markets such as Kalshi from offering sports betting. In a joint letter signed by the American Gaming Association, the Indian Gaming Association, the Hotel and Gaming Council under the AFL-CIO, UNITE HERE, and other organizations, the groups expressed deep concern over the unprecedented expansion of gambling in U.S. history driven by prediction markets over the past 18 months. The letter states that Congress should use cryptocurrency legislation to reaffirm the principle that sports betting falls outside the jurisdiction of the Commodity Futures Trading Commission and cannot be offered through prediction market platforms. (Semafor) (Source: ODAILY)
The gambling industry and unions are pushing to ban sports betting on prediction markets in the crypto bill.
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Summary
Gambling industry groups and unions are advocating for a crypto ban in new legislation to prevent prediction markets from offering sports betting. On June 17 (UTC+8), the American Gaming Association, alongside labor organizations, sent a letter to lawmakers warning against the rise of platforms such as Kalshi. They argue that Congress should use the bill to clarify that sports betting falls outside the CFTC’s jurisdiction. The proposed rules also align with broader CFTC objectives, as lawmakers aim to curb risky decentralized betting models.
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