According to CoinMeta, Democrats on the Senate Banking Committee, led by Elizabeth Warren, wrote to Committee Chairman Tim Scott requesting a bipartisan public hearing on prediction markets, opposing the closed-door roundtable held on September 23 with Kalshi. The group argued that prediction markets involving corporate performance indicators are considered securities products and should be regulated by SEC. Tim Scott responded that the meeting was aimed at understanding the opportunities and challenges of securities-linked products. Prediction markets have a monthly trading volume of $50 billion and more than $1 billion in open contracts, and they are under scrutiny due to concerns regarding insider trading, manipulation, and disputes over jurisdiction between CFTC and state authorities.