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Adam Schiff: “We saw a billion dollars of trading in prediction contracts…”

Featuring: Adam Schiff, Democratic | U.S. Senate, California

Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations

Published March 25, 2026 | Video Starts at 01:51

It ought to be up to the states to decide what kind of gambling goes on within their state. This kind of end run around the law is encouraging vast amounts of gambling. We saw a billion dollars of trading in prediction contracts just over the Super Bowl alone. That's something that ought to be decided state by state and and not decided for them by this industry. (01:51–01:57)

CLAIM

Asserts that there was a billion dollars of trading in prediction contracts during the Super Bowl.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Adam Schiff

“We've seen reports, for example, recently that someone with 93% accurate accuracy has been predicting what's been going on in the Iran war.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 03:01-03:11
“We're seeing [the CFTC Chairman] actively intervening to support these prediction markets, notwithstanding that they're really…”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 01:28-01:38
“In California we don't allow sports betting. It ought to be up to the states to decide what kind of gambling goes on within their state.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 01:38-01:46
“When it is completely unregulated like this, you could have vast amounts of insider trading.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 02:41-02:52
“The CFTC chairman is moving in a completely different direction of essentially unlicensed, unregulated activity here.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 05:34-05:42
“We should make sure the TSA gets funded, that we deal with this urgent crisis at the airports.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 06:54-07:00
“The federal government can't simply compel local law enforcement to become ICE agents or border patrol agents.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 08:36-08:45
“We should have a strong border. But we should also make sure that our ICE agents are operating lawfully.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 12:42-12:50
“Before we fund, for example, ICE agents or Customs and Border Protection, we should insist on certain safeguards.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 13:37-13:45
“I think we've had 10 votes to fund TSA.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 14:07-14:11
“I also don't want to see the Coast Guard funding held up or FEMA funding held up or TSA funding held up.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 14:29-14:36
“We need to get those TSA security people paid and address those long lines at the airports.”
Sens. Schiff and Curtis on the Prediction Markets Are Gambling Act, state of DHS negotiations | Uploaded March 25, 2026 | 14:46-14:53