US senators urge CFTC probe Polymarket over ‘deceptive marketing’
Two US senators, Republican John Curtis and Democrat Adam Schiff, have urged the CFTC to investigate Polymarket over reports that it paid social media influencers to post fake bets and failed to ensure disclosure. They said the alleged tactics could be deceptive marketing for gambling-like products and questioned whether prediction markets are being regulated properly. The request follows a Wall Street Journal report that reviewed more than 1,100 videos and found widespread fake betting content tied to paid promotions. The senators asked the CFTC to respond by July 10 on whether it is investigating Polymarket, whether the ads were legal, and whether the agency has enough resources to police prediction markets. Their letter also reflects broader concerns that prediction markets are growing quickly while regulators struggle to define and oversee them.
