Senators Hickenlooper and Curtis back prediction market legislation at tense hearing
Senator John Hickenlooper (D-CO) and Senator John Curtis (R-UT) both backed legislation to address prediction markets during a tense Senate hearing on May 20, 2026. Hickenlooper pressed the sector on insider trading and corruption risks, building on his March letter with Senator Reed urging the CFTC to ban gambling contracts tied to retail lending. Curtis raised concerns that event contracts resemble gambling and questioned whether platforms operate within securities and commodities law or skirt into gambling regulation. OG.com, a prediction market experience announced by Crypto.com in February 2026, was mentioned during the session as the regulatory debate intensified.
Hickenlooper and Curtis's bipartisan support for legislation signals that the Senate may move beyond its May 15 unanimous vote banning congressional trading toward broader statutory rules. Kalshi and Polymarket now face potential KYC mandates or product restrictions from Congress even as they fight state-level bans and federal enforcement actions.
Fifth Senate-level action this month touching prediction markets, joining the unanimous account-exclusion vote, CFTC Chair Selig's league talks, and the Minnesota ban fight, showing Congress has moved from oversight questions to concrete regulatory and legislative moves.