Curtis And Schiff Demand CFTC Action Against Polymarket’s Advertising Practices

Republican Senator John Curtis and Democratic Senator Adam Schiff sent a letter Thursday to CFTC Chair Mike Selig, pushing for an investigation into Polymarket. The senators said they’re concerned the platform used deceptive marketing to push gambling-style products on US audiences, calling the allegations “deeply troubling” and demanding immediate scrutiny if accurate.

The letter followed a Wall Street Journal report from June 20 claiming Polymarket paid influencers to film fake trades on lookalike websites, often without disclosing they’d been paid. The Journal reviewed over 1,100 videos and found 70% featured fake bets worth nearly $2 million combined. Polymarket responded by saying it’s running a comprehensive audit of its promotional content to ensure compliance with its standards and applicable disclosure rules.

CFTC Already Investigating, Reports Say

The CFTC has an ongoing, extensive investigation into Polymarket, though no timeline was shared on when it started. The senators argue prediction markets are increasingly marketed as “free money” online, and there’s little reason to treat them differently from gambling products.

They also questioned whether the CFTC has the resources to properly regulate the fast growing sector. The regulator has already sued nine states over their own prediction market crackdowns. Curtis and Schiff want written answers from Selig by July 10, covering whether the agency is investigating Polymarket, whether the ads broke any laws, and whether it’s even equipped to oversee this space long-term.