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Two Senators Demand CFTC Response on Polymarket's $1.9M Fake Bets Campaign

Enforcement Actions Prediction Market Regulation & Policy

2026-06-26 19:32:30

According to a Wall Street Journal report, Senators Adam Schiff (D-CA) and John Curtis (R-UT) recently sent a letter to CFTC Chairman Michael Selig requesting answers about Polymarket's alleged marketing campaign involving $1.9 million in staged fake bets. The senators asked six questions, including whether the CFTC is investigating the allegations and whether the regulator has authority to implement consumer protections comparable to other financial regulators. In their letter, the lawmakers expressed concern that prediction markets are being portrayed as "free money" and argued they should not be treated differently from gambling. Polymarket said it would conduct a comprehensive audit of its promotional materials in response.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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