Svmuu News: On Thursday, Republican Senator John Curtis and Democratic Senator Adam Schiff sent a letter to Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission, urging the agency to launch an investigation into the prediction market platform Polymarket. The letter noted that Polymarket is suspected of paying social media influencers to film fake betting videos and using deceptive marketing tactics to promote gambling products to U.S. audiences.
Previous reports indicated that Polymarket paid influencers to record fake trades on websites similar to its own, and that many creators failed to disclose that they were being paid. A review found that 70% of more than 1,100 videos contained fake bets totaling nearly $2 million. Additionally, according to sources familiar with the matter, the CFTC is conducting an ongoing and extensive investigation into Polymarket. The senators have requested that the CFTC chairman provide a written response to the relevant questions by July 10. (Cointelegraph)