Senate Banking Democrats Request Public Hearing on Prediction Markets
All 11 Senate Banking Democrats sought a public prediction markets hearing from Tim Scott; CoinGape, Crypto.News and NewsBTC reported a private meeting with Republicans and Kalshi CEO Tarek Mansour.
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Why it matters
The proposed hearing would allow all Banking Committee members to examine prediction-market products and the claim that corporate-performance contracts may fall within SEC security-based-swap rules. The reports show no scheduled hearing or response from Scott.
Key facts
Elizabeth Warren, the committee's ranking member, and Catherine Cortez Masto led the hearing request.
Reported by Crypto.News
Unchained reported that the Democrats sought a bipartisan public hearing and rejected a closed, Republican-only industry roundtable.
Reported by Unchained
CoinGape, Crypto.News and NewsBTC reported that Republican committee members met Kalshi CEO Tarek Mansour privately on September 23.
Reported by CoinGape
Unchained reported that Scott had planned a closed, Republican-only session with industry executives.
Reported by Unchained
The Democrats said contracts tied to corporate performance could meet the definition of security-based swaps subject to Securities and Exchange Commission regulation.
Reported by Crypto.News
Unchained reported that the Commodity Futures Trading Commission has claimed lead responsibility for prediction markets and answers to the House and Senate Agriculture committees.
Reported by Unchained
Crypto.News, citing Pew Research Center, reported about $53 billion in combined global trading volume for Kalshi and Polymarket in July.
53,000,000,000 USDReported by Crypto.News
What happened
All 11 Democratic members of the Senate Banking Committee asked Chair Tim Scott in a September 23 letter to hold a public hearing on prediction markets. Ranking member Elizabeth Warren and Sen. Catherine Cortez Masto led the request. The Democrats asked for a bipartisan public session, and Unchained reported that their release rejected a closed, Republican-only industry roundtable. CoinGape, Crypto.News and NewsBTC reported that Republican members met Kalshi CEO Tarek Mansour privately on September 23; Unchained described Scott's closed session as planned. The Democrats said contracts tied to corporate performance could meet the definition of security-based swaps subject to Securities and Exchange Commission regulation; Unchained reported that the Commodity Futures Trading Commission claims lead responsibility for prediction markets and answers to the House and Senate Agriculture committees. The supplied reports give no reason for the closed session and do not say whether Scott accepted the request or scheduled a public hearing.
How the story developed
- First report
First report by CoinGape
Senate Banking Democrats Call for Public Prediction Markets Hearing as Republicans Meet With Kalshi
- Official statement
Senate Democrats request public hearing
A September 23 letter from all 11 Democratic committee members asked Chair Tim Scott for a public, bipartisan hearing.
- Update
Kalshi CEO meeting reported
CoinGape, Crypto.News and NewsBTC reported a private September 23 meeting between Republican members and Tarek Mansour; Unchained separately described a closed session as planned.
- Independent corroboration
Independently corroborated by Crypto.News
Prediction markets face hearing call from 11 Senate Democrats
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 23 Sept 2026, 19:22 UTC: CoinGape — 1 independent source, 1 reports
- 23 Sept 2026, 20:24 UTC: Crypto.News — 2 independent sources, 2 reports
- 24 Sept 2026, 10:16 UTC: Unchained — 3 independent sources, 3 reports
- 25 Sept 2026, 05:30 UTC: NewsBTC — 4 independent sources, 4 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| CoinGape Crypto media | Senate Banking Democrats Call for Public Prediction Markets Hearing as Republicans Meet With Kalshi | Original | |
| Unchained Crypto media | All 11 Senate Banking Democrats Ask Tim Scott for a Public Hearing on Prediction Markets | Independent | |
| Crypto.News Crypto media | Prediction markets face hearing call from 11 Senate Democrats | Independent | |
| NewsBTC Crypto media | Senate Democrats Demand Public Hearing On Prediction Markets | Independent |
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