Squawk Pod Regulating Prediction Markets & Meta’s $375M Lawsuit 3/25/26
Mar 25, 2026
Raúl Torrez, New Mexico Attorney General who led the state's case against Meta, explains the jury verdict and next legal steps. Adam Schiff, U.S. Senator from California and co-author of the Prediction Markets Are Gambling Act, outlines concerns about unregulated prediction markets. John Curtis, U.S. Senator from Utah and co-author, joins as a bipartisan voice on regulation and DHS funding negotiations. They cover prediction market bans, DHS funding fights, and Meta’s liability.
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Two Part DHS Funding Strategy
- DHS funding talks split into a two-part GOP plan: immediate funding for most DHS functions and later separate ICE funding.
- Emily Wilkins explained Republicans hope to secure a quick carve-out to end TSA lines while using later maneuvers to fund ICE without Democratic votes.
Fix TSA Funding First To Break The Logjam
- Try to build bipartisan momentum by targeting narrow, urgent fixes like TSA funding to relieve immediate harms.
- Wilkins noted senators may need seven to eight Democrats to break ranks and avoid an extended recess to pass funding.
Prediction Markets Act Like Sports Betting
- Senators Adam Schiff and John Curtis view prediction markets as functionally identical to sports betting and argue regulation should rest with states.
- They cite a billion dollars traded on Super Bowl contracts and concerns about CFTC chair Mike Selig pushing platforms toward federal protection instead of state oversight.