Senator's son launches prediction market exchange

A new prediction market exchange, reportedly co-founded by the son of Senator Kirsten Gillibrand, is seeking oversight from both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). This move comes as Representative Mike Steil has introduced legislation aimed at preventing lawmakers from engaging in prediction market bets related to public policy. The exchange's ambition for dual regulatory approval highlights the evolving landscape of financial innovation and the increasing scrutiny it faces from policymakers.