Press Coverage December 23, 2025

Schwab Executive Claims Prediction Markets Transformed Into Sports Betting Sites

Stephen Piepgrass, leader of Troutman Pepper Locke’s Regulatory Investigations, Strategy + Enforcement (RISE) Practice Group, was quoted in the December 23, 2025 Yellow.com article, “Schwab Executive Claims Prediction Markets Transformed Into Sports Betting Sites.”

  • Troutman Pepper Locke Attorney Stephen Piepgrass, who leads the firm’s Regulatory Investigations, Strategy + Enforcement practice, projected the legal battle could extend two years or longer.
  • “A year and a half, maybe two years for these cases to work their way through the courts, for a circuit split to develop, and then for the Supreme Court to decide to take it,” Piepgrass said. “We’re going to have a significant period of time where operators, investors, and the public are operating in the gray.”

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