Washington, July 23 -- Congressman Steven Horsford issued the following press release:
WASHINGTON D.C. - Congressman Steven Horsford (NV-04) and Congressman Mark Amodei (NV-02) introduced the Prediction Markets Are Gambling Act, a bipartisan bill stop federally regulated trading platforms from offering sports betting and casino-style gambling under the guise of financial products.
The legislation makes clear that the Commodity Futures Trading Commission (CFTC) oversees legitimate financial markets - not sportsbook-style gambling or casino games. It closes a federal loophole that allows companies to bypass the licensing requirements, consumer protections, tax obligations, and regulatory oversight that apply to legal gaming operators. Sens. ...