Bipartisan senators ask regulators to probe Polymarket over fake bets promotion

Two bipartisan senators, one Republican and one Democrat, asked federal regulators on June 26 to investigate Polymarket for promoting fake bets through deceptive advertising, following Wall Street Journal reporting. The lawmakers seek a probe into what they describe as misleading promotional practices by the CFTC-regulated prediction market platform. The letter was sent to CFTC Chairman Michael Selig. Earlier reporting referenced deceptive promotional videos featuring fake trades that gained prominence during Polymarket's 2024 U.S. presidential election coverage.