All Democratic members of the U.S. Senate Banking Committee have urged Chairman Tim Scott to hold a public, bipartisan hearing on prediction markets, rejecting what they described as a "closed-door, Republican-only, industry-friendly roundtable." In a formal letter, the Democrats asserted that the committee has critical oversight responsibilities regarding consumer protection, market manipulation, and insider trading risks associated with securities-linked prediction products that may fall under SEC jurisdiction. The demand came as Republican committee members held a private meeting with Kalshi CEO Tarek Mansour to discuss opportunities and challenges in the sector. Democrats argued that a transparent public review is necessary to properly examine regulatory concerns surrounding these emerging financial instruments rather than conducting industry discussions behind closed doors.