Gaming Groups Urge Congress to Ban Prediction Markets Sports Betting

Today in crypto, gambling industry groups want the US Senate to clarify that the CFTC doesn’t have the authority to oversee prediction markets.

Also, the EU’s Markets in Crypto-Assets Regulation (MiCA) deadline looms over crypto exchanges serving the bloc, and the US Congress reached a deal to advance a housing bill that includes a central bank digital currency (CBDC) ban.

Gaming groups urge Congress to ban prediction markets sports betting in CLARITY Act

Several national gaming and tribal organizations and labor groups have reportedly called on the US Senate to add language “that explicitly prohibits event contracts tied to sports and casino-style gaming” in the Digital Asset Market Clarity (CLARITY) Act.

According to a Wednesday Semafor report, groups tied to sports betting, including the Indian Gaming Association and American Gaming Association have united against what they called gambling on prediction markets. They requested that the US Congress use the CLARITY Act now under consideration in the Senate to affirm that “sports betting falls outside the [Commodity Futures Trading Commission’s] remit and cannot be offered through prediction market platforms.”

“While our organizations may differ on other issues, including gambling policy, we are united in our concern that prediction markets have fueled the largest expansion of gambling in US history over the past 18 months — without voter approval or legislative authorization,” said the letter.

The pushback from the groups comes as the Commodity Futures Trading Commission (CFTC) under Chair Michael Selig has claimed “exclusive jurisdiction” over prediction markets. Selig has led the financial regulator in supporting platforms like Kalshi and Polymarket against lawsuits by state-level gaming authorities.

Source: Semafor

BitGo courts crypto firms awaiting MiCA approval

BitGo, a crypto custody company, is moving into Europe’s tighter regulatory landscape as exchanges race to maintain access ahead of a key licensing deadline.

BitGo Europe launched a crypto-as-a-service platform aimed at meeting the EU’s MiCA, the company said in a statement shared with Cointelegraph on Wednesday.

BitGo CEO Mike Belshe said companies shouldn’t leave users waiting during licensing delays, arguing that regulated infrastructure can keep platforms active in the meantime.

“We can help keep you moving safely and compliantly,” he said.

Source: Mike Belshe

The launch comes with the EU’s July 1 MiCA deadline approaching, requiring crypto companies to obtain authorization to continue serving customers across the bloc. Reports on Tuesday suggested Greek regulators may reject Binance’s MiCA license application, adding uncertainty to the EU regulatory status of the world’s largest crypto exchange by trading volume.

Congress reaches deal on housing bill with CBDC ban

US House and Senate leaders reached a deal to move forward with a bill aimed at addressing housing affordability, which will include a ban on the Federal Reserve creating a CBDC until 2030.

A bipartisan group of House and Senate leaders released an updated version of the 21st Century Road to Housing Act on Tuesday after negotiations over disagreements on some aspects of the bill. The latest version kept in a CBDC ban that has been included since the Senate passed it in March. The House also passed its version of the bill with strong support in May.

Source: US Senate Banking Committee GOP

House Republican leaders reportedly plan to put the bill up for a vote after the House returns from recess on June 23 and is likely to hand a win to Republicans who have tried to pass a CBDC ban for years, as earlier standalone bills had stalled in Congress.

The bill says the Federal Reserve may not, directly or indirectly, “issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency,” a clause that will expire on Dec. 31, 2030.

US President Donald Trump signed an executive order in January 2025 banning federal agencies from all work related to CBDCs, saying they threatened “the stability of the financial system, individual privacy, and the sovereignty of the United States.”