Sen. Elizabeth Warren plans to focus on prediction markets and the Trump family's crypto businesses when she becomes chair of the Senate Banking Committee. A committee aide laid out her agenda after Democrats took control of the Senate. Warren has been critical of crypto.
Sen. Elizabeth Warren is setting her sights on prediction market oversight and the Trump family's crypto businesses as she prepares to chair the Senate Banking Committee in January. Her focus areas also include affordability, artificial intelligence, a looming potential financial crisis and accountability, a Warren banking committee aide said.
Democratic wins hand Warren the gavel
Warren's plans come after a Democratic blue wave swept the midterm elections last week, shifting leadership in the House and Senate. Because committee chairs drive the agenda, Warren will lead efforts involving banks, deposit insurance, housing, the Federal Reserve and crypto.
The aide warned that Big Tech CEOs, Administration officials, Trump family crypto businesses, Wall Street executives and giant corporations should preserve their documents and prepare to answer tough questions.
Prediction markets in the crosshairs
Warren has also repeatedly criticized prediction market platforms including Kalshi and Polymarket. She has asked for answers on election-related bets and on how both companies plan to prevent insider trading, according to The Block. The aide said Warren wants to end the current "Wild West-style lack of oversight" in the area, with corrupt insiders profiting.
The push has a bipartisan precedent. Bitcoin Magazine reports that Warren and Sen. John Curtis, R-Utah, wrote on Oct. 28 to the CEOs of Kalshi and Polymarket. They asked how the companies stop candidates, campaign staff and others with material nonpublic information from trading election contracts.
Trump-linked crypto draws scrutiny
Over the past year, Warren has taken an aggressive stance against Trump and his family's crypto interests. In letters, she has asked for an investigation into Trump's memecoin and an ethics probe into alleged conflicts tied to World Liberty Financial, the United Arab Emirates and Trump aides.
Sources: The Block, Bitcoin Magazine
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