US senators urge CFTC probe Polymarket over ‘deceptive marketing’

Senators John Curtis and Adam Schiff are concerned about the CFTC’s enforcement ability after a “troubling” report on Polymarket’s advertising.

A bipartisan pair of US senators has called on the Commodity Futures Trading Commission to investigate the prediction market platform Polymarket after it reportedly paid social media influencers to make videos of fake bets.

Republican Senator John Curtis and Democratic Senator Adam Schiff sent a letter to CFTC Chair Mike Selig on Thursday, saying they were concerned Polymarket “used deceptive marketing tactics to promote gambling-style products to US audiences.”

“If accurate, these allegations are deeply troubling and demand immediate scrutiny from the Commodity Futures Trading Commission,” they wrote.