Technology — Watchdog group targets prediction markets with DC ad campaign

View Online Technology Technology The Big Story  Anti-prediction market group kicks off DC ad blitz A new group describing itself as a “market integrity watchdog” rolled out a six-figure ad blitz in Washington, D.C., on Wednesday morning, taking aim at prediction market Kalshi, which has ramped up its own messaging in Washington this year. © FairPredicts The group, called FairPredicts, placed multiple ads Wednesday morning at D.C. metro stations, on mobile box trucks and on social media platforms such as X, written in the same design as Kalshi’s April ad campaign. It said the ads aim to “call out” Kalshi for allegedly deceiving users.   It began just hours before a Senate Commerce subcommittee convened a hearing on gambling and prediction markets called “No Sure Bets: Protecting Sports Integrity in America.” NBC first reported on the group’s launch and ad campaign.   In one ad first shared with The Hill, FairPredicts states, “Kalshi Lie #3: ‘We aren’t the house.’ If Kalshi is not the house, why do they win when you lose?” The ad then claims Kalshi Trading LLC is “trading against you.”   It mimics Kalshi’s bus stop ad last month, which read, “Kalshi Rule #3 … We aren’t the house.”   Kalshi Trading LLC is a separate entity within Kalshi, according to records with the Commodity Futures Trading Commission.   Recent lawsuits against Kalshi have also gone after the entity, alleging it is filling a role similar to that of the house in a traditional gambling operation by providing “liquidity for its markets.”   When asked about these claims, Elisabeth Diana, a spokesperson for Kalshi, told The Hill, “Like any financial market, including the stock market, market makers are industry standard because they help bootstrap liquidity.”   “But on most liquid markets, institutional market makers are not a large percent of volume. On Kalshi, it’s about 7 percent or lower,” Diana said.   Read the full report at TheHill.com. Welcome to The Hill’s Technology newsletter, we’re Julia Shapero and Miranda Nazzaro — tracking the latest moves from Capitol Hill to Silicon Valley. Did someone forward you this newsletter? Subscribe here. Essential Reads  How policy will be impacting the tech sector now and in the future: Children’s advocacy groups ask FTC to investigate Roblox Two child safety advocacy groups are urging the Federal Trade Commission (FTC) to investigate the gaming platform Roblox, alleging the company is committing “unfair and deceptive” acts, risking kids’ safety and well-being. In a complaint filed Wednesday with the FTC, Fairplay and the National Center on Sexual Exploitation (NCOSE) and a host of other advocacy groups asked FTC Chair Andrew Ferguson and commissioner …  Full Story Disney sued over facial recognition at parks A California woman is suing the Walt Disney Co. over allegations that the use of facial recognition technology at theme park entrances violates consumer privacy laws.    The class-action complaint was filed in the Southern District of New York on behalf of Summer Christine Duffield, a Riverside County woman who visited Disneyland and Disney California Adventure in early May. It alleges Disney began collecting biometric data …  Full Story Jeff Bezos says Trump is ‘more mature, more disciplined’ in second term Amazon founder Jeff Bezos lauded President Trump’s performance in his second term in a new interview with CNBC, as the president is facing record-low approval among voters. “I think he is a more mature, more disciplined version of himself than he was in his first term,” Bezos said Wednesday morning on “Squawk Box.”  “Trump has lots of good ideas,” he added. “He’s been right about a lot of things. You have to give …  Full Story Bezos: $75M Melania Trump movie ‘good business decision’ Jeff Bezos says he “had nothing to do with” Amazon’s decision to greenlight a multimillion-dollar documentary on Melania Trump, denying the project was an attempt to curry favor with the Trump administration. “The Melania thing is a falsehood that will not die,” Bezos, the founder of Amazon, told Andrew Ross Sorkin in a Wednesday interview on CNBC’s “Squawk Box.” “I see reported all the time that somehow I was involved in this, …  Full Story The Refresh  News we’ve flagged from the intersection of tech and other topics: OpenAI is preparing to file for an IPO very soon (Wall Street Journal) Texas AG investigates Meta over AI glasses, citing privacy concerns (CBS News) Crypto Corner  Senate crypto bill faces hurdles after key vote © Greg Nash A cryptocurrency regulation bill cleared a key early hurdle after advancing out of the Senate Banking Committee last week, but the legislation still faces several obstacles that could endanger its success on the Senate floor and beyond.   The Clarity Act, which aims to provide guidelines for financial regulators on how to regulate the crypto industry, cleared the Senate panel Thursday with the support of all GOP members and two Democrats.   Despite the bipartisan nature of the vote, the lack of support among several crypto-friendly Democrats, as well as outstanding concerns from influential outside groups, could prove difficult for the bill to overcome.   Here are the issues to watch in the coming weeks:   Democrats remain on the fence   The Clarity Act received support from two Democrats on the Senate Banking Committee after last-minute maneuvering to secure a bipartisan vote, but the measure will need at least eight Democratic votes on the floor.   While Sens. Ruben Gallego (D-Ariz.) and Angela Alsobrooks (D-Md.) voted for the bill at Thursday’s markup, both warned they could pull their support down the line.   They are part of a larger group of about a dozen crypto-friendly Democrats who have been negotiating with Republicans on crypto legislation since last year. Several of these Democrats who sit on the committee — Sens. Mark Warner (Va.), Catherine Cortez Masto (Nev.), Raphael Warnock (Ga.), Andy Kim (N.J.) and Lisa Blunt Rochester (Del.) — declined to support the bill.   Law enforcement warns against ‘blanket exemption’ for developers   Another major hurdle for the Clarity Act is opposition from law enforcement groups to a provision providing protections to software developers.   The provision declares that developers who do not control customer funds are not considered money transmitters.   Law enforcement groups have argued this is an overly broad exemption and would make it hard for them to track criminal activity on crypto platforms.   Check out a more in-depth breakdown of the Clarity Act’s challenges at TheHill.com. Crypto Corner is a daily feature focused on digital currency and its outlook in Washington. In Other News  Branch out with other reads on The Hill: Trump administration sues Minnesota over prediction market ban The Trump administration sued Minnesota on Tuesday over its new prediction market ban, contending it’s preempted by federal law.  Minnesota Gov. Tim Walz (D) signed the bill earlier this week, making it a felony to operate or advertise a prediction market in the state. It’s set to take effect Aug. 1.  “Minnesota’s attempt to criminalize derivatives contracts is precisely what Congress … Full Story Op-eds in The Hill Opinions related to tech submitted to The Hill: When the sides ‘stop being the sides’   You’re all caught up. See you tomorrow!  Check out The Hill's Technology page for the latest coverage. Like this newsletter? Take a moment to view our other topical products here 📩 Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  400 N Capitol Street NW Suite 650, Washington, DC 20001 Copyright © 1998 - 2026 Nexstar Media Inc. | All Rights Reserved.

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