# Curtis-Schiff Prediction Markets Are Gambling Act

**Type:** Federal legislation (proposed)
**Introduced:** March 23, 2026
**Sponsors:** Senators Curtis and Schiff
**Status:** Not enacted
**Domain:** Prediction market regulation

## Overview

The Prediction Markets Are Gambling Act is a proposed federal bill that would prohibit sports and casino-style event contracts on CFTC-regulated platforms. It represents the prohibitionist approach to prediction market regulation, directly opposing the McCormick-Gillibrand regulatory framework.

## Legislative Approach

The bill would "amend federal law so that sports and casino-style event contracts may not be offered on platforms regulated by the commission [CFTC]." This is a categorical prohibition rather than a regulatory framework.

## Scope

The bill specifically targets:
- Sports event contracts
- Casino-style event contracts
- Contracts on CFTC-regulated platforms

Notably absent from the bill's scope:
- DAO governance markets
- On-chain prediction markets
- Futarchy-style decision markets
- Non-DCM platforms

## Political Context

The bill emerged in the same legislative session as the competing McCormick-Gillibrand Prediction Market Act (S.4469, April 30, 2026), which takes a "regulate, don't prohibit" approach. The Senate unanimously passed S.Res.708 restricting congressional trading on prediction markets, showing bipartisan appetite for some action, though the form remains contested.

## Regulatory Implications

If enacted, the Curtis-Schiff approach would:
- Create a two-tier prediction market structure (prohibited sports/casino vs. unregulated other)
- Eliminate CFTC regulatory pathway for sports contracts
- Potentially create pressure to expand prohibition categories
- Leave governance markets in regulatory limbo (neither prohibited nor regulated)

## Timeline

- **2026-03-23** — Bill introduced by Senators Curtis and Schiff
- **2026-04-30** — Competing McCormick-Gillibrand bill (S.4469) introduced
- **2026** — Neither bill enacted; legislative path uncertain

## Sources

- National Law Review, "Update: Prediction Markets" (March 23, 2026)
- Bill text (Curtis-Schiff)
- S.4469 (McCormick-Gillibrand) for comparison