Sens. Adam Schiff and John Curtis introduced the Prediction Markets Are Gambling Act on March 23 as the sector disclosed $14 million in federal lobbying for 2025. The bill would bar CFTC-registered platforms from listing sports or casino-style contracts and would restore state and tribal authority over those markets. Prediction market advocates cite recent CFTC guidance and a March 2026 Advance Notice of Proposed Rulemaking, while gambling groups argue the contracts are sports betting.