Polymarket, Kalshi, and Hyperliquid face bipartisan House scrutiny as CFTC signals incoming prediction market rules

CFTC chair Michael Selig took bipartisan fire at a House hearing over Polymarket, Kalshi, and Hyperliquid. Republicans attacked Hyperliquid's offshore oil markets as "functionally identical" to CME products but lacking segregated funds and US oversight, while Democrats probed whether Trump Jr.'s advisory roles at Kalshi and Polymarket influenced CFTC dropping its Polymarket probe. Rep. Don Bacon cited suspicious prediction market settlements on Maduro's ouster and the Iran conflict as evidence of insider trading. Selig pledged to formalize prediction market rules and rejected favoritism allegations.

TLDR by @Benthic

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