Today, House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Ranking Member Don Davis (NC-01) delivered the following opening statement at a subcommittee hearing titled “Examining Customer Protections and Market Integrity in Sports Event Prediction Markets.” Watch the hearing here.

[As prepared for delivery.]

Thank you, Mr. Chairman, and thank you to each of our witnesses for being here.

As prediction markets continue to evolve, today's discussion is not simply about technology or financial innovation.

It is about whether our regulatory framework is keeping pace with new products while continuing to protect consumers, preserve market integrity and provide certainty for everyone involved.

I approach this issue without the assumption that every new product is inherently good or inherently bad.

Instead, I believe our responsibility is to ask whether existing safeguards are sufficient, whether regulatory responsibilities are clearly defined and whether consumers understand the protections available to them.

Mr. Chair, we have worked on many issues together, and I appreciate your willingness to solve problems.

Many across the country believe Washington, D.C., is divided.

In fact, many believe D.C. is not just divided, but also corrupt.

We must ensure there is no event manipulation or insider trading.

The American people demand fair play.

As a representative of eastern North Carolina, I also remain mindful that the Commodity Futures Trading Commission has an essential mission supporting the agricultural markets that our farmers rely upon every day.

As new products emerge, we must ensure that the agency remains fully capable of carrying out that core mission.

Meanwhile, I appreciate the commission's ongoing rulemaking process and look forward to hearing from our witnesses about where Congress may be able to provide greater clarity.

Regardless of where members ultimately come down on this issue, I hope today's discussion helps us identify practical ways to strengthen customer protections, improve transparency and provide greater certainty for both consumers and regulated markets.

Thank you, Mr. Chairman. I look forward to the discussion.