Senate Bill Aims to Restrict Prediction Markets, New Venture Fund Announced

A bipartisan Senate bill has been introduced to prohibit sports and casino-style contracts on prediction markets registered with the Commodity Futures Trading Commission (CFTC). According to NS3.AI, this legislative move is part of broader efforts to regulate the burgeoning prediction market sector. In related news, a new $35 million venture fund has been launched, supported by the CEOs of Polymarket and Kalshi. This fund aims to foster innovation and growth within the prediction market industry. Additionally, Fidelity has called on the Securities and Exchange Commission (SEC) to provide clearer guidelines regarding broker-dealer and alternative trading system regulations for crypto assets and tokenized securities. This request underscores the ongoing need for regulatory clarity in the rapidly evolving digital asset space.