U.S. Senator John Curtis (R-Utah) and Senator Adam Schiff (D-Calif.) appeared on CNBC’s Squawk Box on March 25 to discuss new legislation that would regulate prediction gambling markets at the state level rather than federally. The senators highlighted their recently introduced Prediction Markets Are Gambling Act, which aims to prevent Commodity Futures Trading Commission registered entities from listing contracts that resemble sports bets or casino-style games.
The issue is significant as it addresses who should have the authority to regulate gambling activities in the United States. Curtis said, “Let me say, we’re not banning sports betting. We’re just simply putting it in the right places to be regulated, and one of those places is in the state—and, as you alluded to, Utah does not allow gambling in any form. So, one of the things that’s really important to me is that we don’t take this control away from Utah.” He also added, “I would say revenue is a piece of it, but a much larger piece is who should be regulating this; where that authority lies. I think we both feel strongly that is in the states.”
Curtis further commented on potential harms associated with unregulated prediction markets: “Going back to prediction markets and whether or not it’s gambling—if it acts like gambling, if it looks like gambling; it is gambling. That’s been very clear where that belongs.” He warned about possible negative scenarios: “You have to ask, ‘What could go wrong?’ Imagine betting on a high school athlete getting hurt the day of a high school game, right? That’s why this needs the appropriate regulation.”
On bipartisan support for their proposal, Curtis said there was momentum across party lines: “I actually think both of us feel that there’s a lot of momentum on both sides of the aisle on this. I think you’re going to see further legislation not only from us but from our colleagues on this to get our arms around [the issue] and make sure it’s done properly.”
During their appearance, Curtis also addressed Department of Homeland Security shutdowns: “I’ve been here for eight years. I’ve seen more shutdowns than I can count. Not a single one of them has produced the results it was intended to produce… We punish the wrong people and who we should be punishing are members of Congress. Let’s take our pay away until we get this done.” On immigration enforcement he said: “This is the false narrative that you can’t have rule of law and compassion… We can enforce the law… but we can also do it with compassion.” Responding to questions about border policy under President Biden’s administration he stated: “That is not compassion… It wasn’t compassionate to encourage those people to come into our country undocumented and be subject to cartels.”
Curtis serves as senator representing Utah after two terms as mayor of Provo according to his official website. He has founded initiatives such as the Conservative Climate Caucus according to his official website while raising six children and seventeen grandchildren according to his official website. He ranks among effective Republican members in Congress according to his official website, serves on multiple committees focused on small business support and environmental solutions according to his official website, has passed major public land management legislation according to his official website, and advocates for sustainable practices through caucus leadership according to his official website.
The discussion underscores ongoing debates over state versus federal control in regulating emerging forms of online wagering while highlighting bipartisan cooperation aimed at addressing these challenges.
