Senate Banking Democrats demand public hearing as GOP meets Kalshi
Republicans met Kalshi CEO Tarek Mansour privately the same day Democrats sent their letter, The Block reports.
The hit
Every Democrat on the Senate Banking Committee is demanding chair Tim Scott hold a public hearing on prediction markets, according to The Block. The letter landed the same day Scott & other Republicans met privately with Kalshi CEO Tarek Mansour, a meeting first reported by Punchbowl News.
Why it matters
The fight is over who gets to shape prediction market rules & in front of whom. Democrats say Congress should examine prediction markets “on a bipartisan basis in a public hearing” rather than in a “Republican-only, industry-friendly roundtable.” Scott says the meeting was about understanding the products. The jurisdiction picture is messy: the CFTC has asserted a leading role in regulating prediction markets, states are pushing back over authority on sports event contracts, & Senate Banking oversees the SEC on securities-linked products.
The record
| Letter sent | To Sen. Tim Scott (Senate Banking Committee Democrats) |
|---|---|
| Signatories | Warren, Cortez Masto, Reed, Warner, Warnock, Gallego, Alsobrooks among signers |
| GOP-Kalshi meeting | 10am Wednesday, Senate Banking Committee Republicans with CEO Tarek Mansour |
What happens next
Watch whether Scott schedules a public hearing, & how the SEC responds to Cboe Global Markets’ push for earnings-linked “all-or-nothing options,” which Democrats say fall under Senate Banking’s remit.
Named in this story? Reply to newsdesk@infobets.com & we publish it.
18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.
Discussion
Ask a question, add useful context or share a source. Keep it relevant & respectful.
Comments are reviewed before publication.