Washington, July 22 -- Congressman Sean Casten issued the following press release:
U.S. Representative Sean Casten (IL-06) led seven House Democrats in asking the Securities and Exchange Commission (SEC) to clarify its jurisdiction over prediction markets that reference securities or related financial metrics.
"We recognize that event contracts tied to the performance of U.S. financial markets may present opportunities for investors and businesses to hedge their risks, protect their portfolios, and offset potential losses. However, without appropriate safeguards, these contracts can be highly susceptible to manipulation and insider trading," the lawmakers wrote. "...Therefore, we urge the SEC to issue guidance regarding the regulatory tre...