US senators urge CFTC to investigate Polymarket over fake betting ads

Senators Curtis and Schiff asked the CFTC to investigate Polymarket after a WSJ report found the platform paid influencers to film fake bets, with 70% of 1,100+ videos featuring simulated trades.

• Bipartisan senators Curtis (R) and Schiff (D) sent a letter urging CFTC investigation into Polymarket.
• WSJ reported Polymarket paid influencers for fake betting videos; 70% of 1,100+ videos featured simulated trades worth nearly $2M.
• CNBC reported the CFTC already has an ongoing investigation into Polymarket.
• Senators questioned whether the CFTC can properly regulate prediction markets, calling them 'gambling-style products.'

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