The Commodity Futures Trading Commission reportedly launched an “extensive investigation” into prediction market giant Polymarket on Friday, amid mounting bipartisan pressure and a separate consumer protection lawsuit over allegedly deceptive social media ads.
The new investigation was reported by Politico, citing sources.
Sens. John Curtis (R-Utah) and Adam Schiff (D-Calif.) urged the CFTC in a Thursday letter to dial up oversight, citing Wall Street Journal reporting on Polymarket’s alleged use of “deceptive videos” on social media. A consumer protection group separately sued the company Friday over allegedly deceptive ad campaigns.
CFTC and Polymarket did not immediately respond to Benzinga‘s request for comment.
A Week Of Mounting Trouble
