Nine Democratic members of the U.S. House of Representatives have urged the Federal Trade Commission (FTC) to investigate prediction markets over potentially misleading advertising practices. Representatives Kevin Mullin and Gabe Vasquez highlighted concerns that these platforms present themselves as financial instruments to regulators while marketing as gambling platforms to the public, potentially confusing consumers. The lawmakers have requested a detailed response from the FTC by June 29th on whether it intends to investigate or take enforcement action. This call for investigation follows recent scrutiny of prediction markets due to insider trading concerns, with Congress launching probes into platforms like Polymarket and Kalshi in May.
U.S. House Democrats Urge FTC to Probe Prediction Market Advertising
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