Prediction market 'gambling' needs state regulation, not feds, Mick Mulvaney says after Iran war bets
Mick Mulvaney argues prediction markets are essentially gambling and should be regulated by states, not the federal CFTC, following betting on potential Iran conflict.Summary
Former Trump White House Chief of Staff Mick Mulvaney believes prediction markets, like Polymarket and Kalshi, function as gambling and require regulation. He leads a coalition, “Gambling Is Not Investing,” advocating for state oversight rather than federal regulation by the Commodity Futures Trading Commission (CFTC). Mulvaney contends the CFTC is designed for market regulation, not consumer protection, which is crucial for prediction market participants. He specifically pointed to betting activity surrounding a potential U.S. invasion of Iran as a cause for concern, suggesting it could pose a security risk if adversaries gain insights into U.S. plans through these markets. He also questioned the legality of large payouts from these bets and called for an investigation. Mulvaney declined to disclose the funding or membership of his coalition, citing no legal requirement to do so.
(Source：Cnbc)