Senators Adam Schiff and John Curtis have introduced a bipartisan bill to ban sports betting on platforms like Kalshi and Polymarket. The legislation aims to prohibit CFTC-regulated platforms from offering contracts tied to sporting events and casino-style games, directly impacting the core business of these prediction markets. Kalshi is already facing legal challenges, including a Nevada court ban and lawsuits in multiple states. The bill highlights growing bipartisan concern over the regulation of prediction markets, with Curtis emphasizing the need for state control over gambling activities. Schiff criticized the CFTC for promoting these markets, arguing that they violate state consumer protections and tribal sovereignty. Despite regulatory pressures, both platforms continue to expand, with Kalshi and Polymarket exploring fundraising at valuations nearing $20 billion.