As the U.S. Congress considers stronger regulations, the prediction market industry is intensifying its lobbying efforts in Washington in response to criticism that it fuels gambling expansion and poses potential insider trading risks. Leading platforms, such as Kalshi, along with several cryptocurrency and sports betting companies involved in prediction markets, are forming lobbying teams to influence the legislative process and ease regulatory pressure. Industry insiders worry that regulatory action against this multi-billion dollar sector may accelerate. (Bloomberg)