Senate Banking Committee Democrats demand a public hearing on prediction markets after GOP members privately met with Kalshi.
Regulation & Gov ·
Senate Banking Committee Democrats have called for a public hearing on prediction markets, requesting that Committee chair Sen. Tim Scott convene such proceedings. The demand emerged the same day Scott and other GOP members held a private meeting with Kalshi, a prediction market platform seeking regulatory clarity.
The Democrats' push for open, legislative-level discussion reflects tensions over how prediction markets should be governed and the opaque nature of industry engagement with lawmakers. Private meetings between regulators and market participants typically occur during policy development, but Democrats signaled concern that closed-door discussions could sideline broader stakeholder input and public transparency.
The outcome of Scott's decision on whether to hold such a hearing remains unclear, as does the substance of the private meeting with Kalshi and any influence it may have on the Committee's approach to prediction market regulation going forward.