House Financial Services Committee Chairman French Hill, R-Ark., poured cold water on Congress moving to regulate prediction markets anytime soon.

During an interview at Semafor’s Banking on the Future Forum Wednesday, Hill said his committee is focused on educating members about current rules around prediction markets, like Kalshi and Polymarket, because many lawmakers lack a “basic understanding” of the current roles played by the Commodity Futures Trading Commission and Securities and Exchange Commission.

“It’s a little hard to legislate and get out front on policymaking when you have members that don’t have that basic understanding of current law,” Hill told Semafor’s Eleanor Mueller.

Hill indicated he wants to allow room for court disputes between states and the Trump administration to play out, adding that he believes the leaders of the CFTC and SEC “have the primary responsibility of demonstrating that they’re able to oversee these markets in the right way in compliance with the law.”

The Arkansas Republican argued that was a better approach to “jumping to a conclusion about what we should or should not do in the Congress.”