Hey, you're listening to the On the Media Midweek podcast. I'm Michael Lohinger.

There's been a flurry of activity surrounding the business of prediction markets, specifically

Kalshi and Polly Market, sites that claim to be more like the stock market than traditional

betting, since you're wagering against other people rather than the house.

Recent headlines have been filled with stories of

people betting on when the Iran war would end, where the bombs would drop, and when that U.S.

airmen would be rescued, with some suspiciously well-timed bets making some users a ton of cash,

all of which has lawmakers clutching their pearls.

Last week, at a congressional hearing on the subject, Michael Seelig, the current chair of the

CFTC, the Commodities Future Trading Commission, tried to reassure members of both parties

that his agency was investigating allegations of insider trading. But as John Oliver

reported on his show this weekend... And while C-Liggs recently made noises about stronger enforcement,

it is hard to take him at his word, given that during his confirmation hearings, he told Congress

he let courts decide whether these companies constitute gambling.

But in office, he's done the exact opposite of that.

In fact, more than a dozen states are currently suing prediction markets. But rather than let that play out in the courts, like he promised, C-League posted this video.

To those who seek to challenge our authority in this space, let me be clear.

We will see you in court.

What a f***ing weasel?

Not for nothing, CILIG is the only sitting member on a panel that should have five.

Meanwhile, a bipartisan group of lawmakers have proposed a bill that would bar federal employees from using non-public information to make bets on prediction markets, one of several bipartisan moves in Congress to regulate the sites.

Sports betting exploded in the United States after a 2018 Supreme Court decision legalized online gambling.

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