Senate Democrats demand hearing on prediction markets

Senate Democrats call for hearing on prediction markets after Kalshi briefing

Senate Democrats have asked for a congressional hearing on prediction markets following a briefing with Kalshi representatives, according to reporting from CryptoRank. The request marks the first formal move by Democratic senators to bring the sector under direct legislative scrutiny.

No hearing date has been set. The Democrats' demand comes as Kalshi faces simultaneous pressure on multiple regulatory fronts, including active state enforcement actions in Nevada, Washington, Maryland, and Massachusetts, and a Ninth Circuit ruling that found its sports-event contracts likely violated the Indian Gaming Regulatory Act.

The timing matters. A congressional hearing would shift the primary venue for prediction market oversight from the CFTC and state attorneys general toward the Senate, where Democrats have shown more appetite for restriction than the current administration. Whether the Republican-controlled chamber schedules a hearing is a separate question from whether Democrats have asked for one.