Senators Demand CFTC Answers on Polymarket Over Alleged Fake Betting Ads

Senators Schiff and Curtis are demanding the CFTC investigate Polymarket over allegations it staged $1.9 million in fake bets as a marketing campaign, questioning whether the regulator can protect consumers.

• A Wall Street Journal report alleged Polymarket paid for $1.9 million in staged bets as part of a marketing campaign
• Senators Schiff (D-CA) and Curtis (R-UT) sent a letter asking if the CFTC is investigating and whether it has authority to protect consumers
• Lawmakers say prediction markets blur the line between gambling and investing, calling for stronger enforcement
• Polymarket said it will conduct a comprehensive audit of its promotional materials
• The CFTC is reportedly conducting an 'ongoing, extensive investigation' into Polymarket

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Last updated 27 Jun 2026