Two US senators introduced the Prediction Market Act of 2026, which would 
create a more complete regulatory framework for prediction markets and event 
contracts. The legislation is being presented as a bipartisan effort, 
sponsored by Republican Senator Dave McCormick and Democratic Senator Kirsten 
Gillibrand, and it lays out a series of rule changes intended to modernize 
oversight in the sector. The Prediction Market Act’s Safety Checklist At the 
core of the bill is an effort to reduce uncertainty by clearly defining key 
terms. The Prediction Market Act would define what an event contract is, what 
qualifies as public interest, and other relevant terminology. The goal is to 
narrow ambiguity in how these markets operate, especially when they relate to 
matters that could carry higher stakes. Related Reading: Hyperliquid Jumps 
Into The Betting Boom With New ‘Outcome Tokens’ For Real-World Events The 
proposal also includes a requirement for additional scrutiny for certain 
contracts. Under the bill, event contracts involving enumerated 
activities—including violence—would require individual review, using newly 
established criteria to determine how the public interest standard should be 
applied. The bill further aims to strengthen how these markets are offered to 
the public. It would establish enhanced certification standards for exchanges 
that list event contracts, along with disclosures designed to be easier for 
retail customers to understand. Beyond disclosures, the Prediction Market act 
would require exchanges such as Polymarket and Kalshi to implement additional 
operational safeguards, including measures related to advertising, and Know- 
Your-Customer (KYC) requirements, with the intent of improving protections 
around how they interact with customers funds. Key Institutional Pieces Of The 
Bill The Prediction Market Act also includes conflict-of-interest rules for 
public officials. It would prohibit lawmakers and high-ranking government 
officials from owning event contracts. The act would also establish a 
Commodity Futures Trading Commission (CFTC) Office of the Retail Advocate to 
support retail investors’ interests. It would also form an Advisory Council on 
Consumer Protection, tasked with analyzing potential gaps in safeguards and 
recommending additional protections for customers. Related Reading: US Rep. 
Calls Bitcoin A ‘Geopolitical Weapon Used By Multiple Adversaries’ In 
addition, the act would create an Innovation Advisory Committee to advise the 
commission on policy questions at the intersection of technology and finance, 
reflecting the way these markets rely on modern systems. Finally, the 
Prediction Market Act would require the CFTC to stay on top of changes by 
studying and reporting back to Congress on developments in these fast-moving 
markets. The intent, according to the framing of the bill, is to ensure 
oversight keeps pace with how prediction markets evolve rather than lag behind 
new practices. Featured image from OpenArt, chart from TradingView.com

Bipartisan Prediction Market Act Of 2026 Filed In Congress– Key Takeaways Of The New Bill

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