Two US senators have called on the Commodity Futures Trading Commission (CFTC) to investigate allegations that prediction market operator Polymarket used staged trading videos, simulated betting activity, and undisclosed influencer marketing to promote its platform.
In a letter dated June 25 and addressed to CFTC Chairman Michael S. Selig, Senators John Curtis and Adam Schiff urged the regulatory body to look into the marketing practices of Polymarket. The senators raised concerns about the alleged use of deceptive tactics, including staged trading videos and influencer marketing that was not properly disclosed.
Polymarket, a popular prediction market platform, has come under scrutiny for its promotional strategies, with accusations of misleading practices to attract users. The senators' request for an investigation highlights the growing attention on the marketing methods employed by platforms in the prediction market sector.
