Senator Who Tried to Ban Prediction Markets Gets Hired by Kalshi as a Lobbyist
Her lobbying group is raking in the cash. The post Senator Who Tried to Ban Prediction Markets Gets Hired by Kalshi as a Lobbyist appeared first on Futurism .
Blanche Lincoln, a once staunch opponent of prediction markets, has transitioned into a lobbyist for Kalshi. In 2010, she warned her colleagues about the potential for gambling on prediction markets, insisting they serve no commercial purpose. As Ars Technica reports, she played a role in crafting the Dodd-Frank Wall Street Reform and Consumer Protection Act, which aimed to grant the Commodity Futures Trading Commission (CFTC) authority over prediction markets.
Despite her earlier concerns proving accurate, Lincoln found herself on the opposite side since 2024, now lobbying Congress and the CFTC to lift her own legislation and allow sports betting on prediction markets. The 2010 law left the decision to permit sports bets to the executive branch, which the current administration has taken advantage of.
Meanwhile, 20 states are challenging Congress over the legality of prediction markets, and the Supreme Court may soon have to decide. Lincoln's group, Lincoln Policy Group, has earned almost half a million dollars from Kalshi since 2024. While the future of prediction markets remains uncertain, the potential consequences are significant, including an increase in gambling addiction and insider trading incidents.
Written by urgent.news from Futurism's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
