WASHINGTON, April 21 -- Sen. Richard Blumenthal issued text of the following press release:
U.S. Senator Richard Blumenthal (D-CT) today pressed the Commodity Futures Trading Commission (CFTC) about the accurate and fair resolution of bets on prediction markets. In a letter sent to CFTC Chair Michael Selig, Blumenthal pointed to disputed outcomes of bets that have left prediction market users in limbo and raised concerns that prediction markets' mechanisms for resolving controversial bets are insufficient.
"In absence of strong rules backed with vigorous enforcement, prediction markets will continue to face controversies over whether bets are being offered and settled fairly-especially as the CFTC continues to obstruct state oversight," s...