Gaming Industry Seeks Exemption for Crypto Sports Prediction Markets

US gaming industry groups have submitted a request to the Senate to ban sports prediction markets in a proposed cryptocurrency bill, according to a report from The Block. This move is seen as an effort by the gaming industry to protect itself against potential regulatory risks associated with crypto-based betting.

The proposal reportedly aims to exclude sports prediction markets from the bill's scope, which would effectively prevent them from being regulated under federal law. This move has been met with opposition from some quarters, who argue that it could create a loophole for unregulated betting operations to flourish.