Former Senator Now Lobbies for Prediction Market

US Senator Blanche Lincoln, who played a key role in regulating prediction markets, is now a lobbyist for the prediction market Kalshi. In 2010, Lincoln warned that prediction markets could evade gambling laws by offering event contracts. She predicted that people would place wagers on sports games, such as the Super Bowl, the Kentucky Derby, and Masters golf tournament. Lincoln's concerns were part of the Dodd–Frank Wall Street Reform and Consumer Protection Act. Today, she is urging the Commodity Futures Trading Commission (CFTC) to allow sports gambling on Kalshi's markets. Lincoln's firm has received funding from Kalshi in exchange for lobbying Congress and the CFTC for looser regulation of event contracts.