A prediction market company was questioned at a hearing before the U.S. Senate Commerce Committee regarding its surging business.

CoinFeed reported on May 21 that, according to CoinDesk, the U.S. Senate Commerce Committee held a hearing on the surge in prediction markets, with platforms such as Kalshi and Crypto.com undergoing two hours of questioning. Committee Chairman Ted Cruz criticized the cheating scandals involving athletes, citing examples such as NBA players accused of performance manipulation, MLB pitchers suspected of rigging pitches for money, MLS players intentionally receiving yellow cards, and UFC matches being canceled due to suspected match-fixing. Senator John Hickenlooper accused prediction market companies of "preying on young people" by advertising on social media. Industry representative Patrick McHenry argued that trading was limited to users aged 18 and older, with an average user age of 33. Addiction expert Harry Levant testified that prediction markets are "known addictive products, like heroin."