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Saturday, June 27, 2026 11:03 AM
Katherine Long, Neil Mehta and Caitlin Ostroff, The Wall Street Journal
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Two senators are calling for a federal investigation into Polymarket’s social-media promotion of fake bets following The Wall Street Journal’s reporting on the prediction market’s deceptive marketing practices.
In a letter sent Thursday to Commodity Futures Trading Commission Chairman Michael Selig, senators John Curtis (R., Utah) and Adam Schiff (D., Calif.) said the allegations in the Journal’s reporting “are deeply troubling and demand immediate scrutiny.”
“The public-facing behavior alleged here does not resemble a sober financial market designed for hedging or price discovery,” the senators wrote. “We remain concerned that the Commission is neither enforcing the law appropriately, nor is equipped to serve as a federal gambling regulator.”
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