All 11 Senate Banking Democrats Ask Tim Scott for a Public Hearing on Prediction Markets

All 11 Democratic members of the Senate Banking Committee, led by Elizabeth Warren, have requested a public hearing on prediction markets from Chairman Tim Scott. The request follows reports of a planned closed-door, Republican-only session with industry executives, including representatives from Kalshi. The Democrats emphasized the need for transparency and bipartisan oversight, citing potential risks such as market manipulation, insider trading, and the classification of event contracts as security-based swaps.