Senators Demand CFTC Investigate Polymarket Over Alleged Deceptive Ads

Senators Schiff and Curtis are pressing the CFTC to investigate Polymarket over WSJ allegations of simulated trading, staged transactions, and undisclosed paid influencer content aimed at U.S. users.

• Senators Adam Schiff and John Curtis sent a letter to the CFTC demanding an investigation into Polymarket's alleged deceptive advertising.
• The WSJ reported Polymarket used fake trading websites, staged transactions, and undisclosed paid influencer promotions.
• The senators gave the CFTC a July 10 deadline to respond on whether it is investigating the platform.
• They also questioned whether the CFTC has the resources to regulate prediction markets for consumer protection.
• The CFTC has been fighting states in court to defend its exclusive jurisdiction over prediction markets.

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