# Curtis-Schiff Prediction Markets Are Gambling Act **Type:** Federal legislation **Status:** Introduced (Senate), March 23, 2026 **Sponsors:** Sen. Curtis (R-Utah), Sen. Schiff (D-California) **Domain:** Prediction market regulation ## Overview Bipartisan federal legislation introduced March 23, 2026 to explicitly classify sports and casino-style prediction market contracts as gambling products requiring state gaming licenses rather than derivatives requiring CFTC registration. ## Key Provisions **Scope:** Applies to CFTC-registered Designated Contract Markets (DCMs). Does NOT explicitly address on-chain prediction markets or futarchy governance mechanisms. **Mechanism:** Would codify state gaming commissions' jurisdictional position into federal law by statutory definition of sports event contracts as gambling products. **Regulatory Effect:** Would override CFTC field preemption claims through Congressional action, requiring platforms like Kalshi and Polymarket to obtain state gaming licenses for sports contracts. ## Political Context **Bipartisan Coalition:** Curtis (Republican, Utah) and Schiff (Democrat, California) represent ideologically divergent states, suggesting opposition extends beyond partisan lines. Utah's lack of major gaming industry indicates concerns beyond state revenue protection. **Timing:** Filed three weeks after Arizona criminal charges (March 17, 2026), during peak state-federal jurisdictional conflict. American Gaming Association had just released $600M state tax revenue loss data. **Legislative Status:** Senate bill only as of late March 2026. No House companion bill identified. Would require passage in both chambers and presidential signature. ## Regulatory Implications **Centralized Platforms:** Direct threat to Kalshi/Polymarket DCM model by eliminating CFTC exclusive jurisdiction defense. **Decentralized Protocols:** Scope limitation to CFTC-registered platforms leaves on-chain futarchy governance markets in existing regulatory gap. **Trump Administration:** No public veto threat identified despite administration's pro-prediction market stance through CFTC. ## Timeline - **2026-03-23** — Bill introduced in Senate by Curtis and Schiff ## Sources - MultiState legislative tracking, March 2026 - American Gaming Association revenue impact data