Altcoins News
By Julie Binoche
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What happened. More than 50 organizations signed a letter to the U.S. Senate.
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The historical context. It's not the first time legacy operators have done this. Not even close.
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Why it matters. Money. Billions of it.
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What to watch. The Senate's decision on the coalition's language is the immediate trigger.
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More than 50 organizations signed a letter to the U.S. Senate. That's a big coalition — major gaming associations, tribal entities, labor unions, all in the same room, all…
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The core of their argument: the Commodity Futures Trading Commission doesn't have the authority or the infrastructure to regulate gambling. Not now, maybe not ever.
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The CFTC, for its part, has been trying to expand its regulatory footprint. In early June it moved to formalize certain sports event contracts on prediction markets through a…
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In the late 2000s, established casinos hammered digital poker platforms hard. PokerStars and its competitors faced coordinated lobbying campaigns from brick-and-mortar interests…
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Both fights ended messily. Regulations tightened. Some platforms survived. Some didn't. The current push against prediction markets is pretty much the same story, just with…
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What's changed is the scale. Prediction markets are operating at a level that legacy operators can't ignore.
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Related: Halo Financial Collapses Into Special Administration as FCA Keeps Watch Over 2026 Failure
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The American Gaming Association says states have already lost roughly $1 billion in tax revenue to prediction markets since 2025. Prediction market operators dispute that figure.
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But the financial argument is only part of it. The coalition is also framing prediction markets as a threat to tribal sovereignty.
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Labor unions joining the coalition adds a different dimension. It broadens the political appeal, ties the issue to jobs and economic stability, and makes it harder for senators…
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Senator John Hickenlooper has already amplified the jurisdictional concerns publicly, flagging what he sees as a real gap between what the CFTC is equipped to handle and what…
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