Senate Banking Democrats: All Members Sign Letter Demanding Public Kalshi Hearing

Confirmed by two independent outlets: every Democratic member of the Senate Banking Committee has signed a joint letter to Chairman Tim Scott asking for a public hearing on prediction markets, timed to a meeting Republican senators held the same day with Kalshi’s chief executive.

CoinGape and The Block both report the same core sequence: the full Democratic caucus on the committee, not a subset, put its name to the letter. Both outlets also describe a Republican-organized roundtable on prediction markets that included Kalshi’s CEO, held on the same day the letter went out.

What the letter says, and why the timing matters

The letter’s stated ask is narrow: a hearing, held in the open, on how prediction markets should be regulated. The Block’s headline carries a phrase pulled from the Democrats’ own framing, “not behind closed doors,” a direct contrast to the private setting of the GOP roundtable with Kalshi.

Neither outlet supplies a signature count beyond “all Democrats,” nor a specific date for a hearing, since none has been scheduled. That is an unresolved point rather than a gap in reporting: both sources describe the letter as a request, not a confirmed hearing.

Kalshi has been at the center of federal scrutiny over event contracts for months, including a CFTC-adjacent dispute over order clusters in ETH perpetuals that Cryptaur covered separately. That prior friction gives context for why a private GOP-Kalshi meeting drew an immediate public response from the other side of the aisle.

Source overlap: what’s confirmed and what isn’t

Both outlets agree on the same three elements: the letter’s authorship (the entire Democratic Banking Committee bloc), the addressee (Chairman Tim Scott), and the coincident GOP-Kalshi roundtable. That overlap is what makes the core event verifiable rather than single-sourced.

What neither report confirms independently is the substance of what was discussed inside the Republican roundtable, since that meeting was closed. Readers should treat any characterization of its contents as inference from the Democrats’ letter, not as a verified account of the meeting itself.

No hearing date exists yet. The next concrete step is procedural: whether Chairman Scott schedules the requested session, and when.

Sources

• coingape.com
• theblock.co