Svmuu News U.S. Representative Mike Levin and Senator Adam Schiff submitted the "DEATH BETS Act" on Tuesday, aiming to amend the "Commodity Exchange Act" to explicitly prohibit CFTC-registered entities from listing prediction contracts related to terrorism, assassination, war, or individual deaths.
The bill is a response to recent high-stakes bets on platforms like Polymarket targeting events such as nuclear explosions, military strikes, and leadership changes.
Although CFTC Chairman Michael Selig recently stated plans to expand the regulatory framework for prediction markets and noted their accuracy has surpassed political polls, this bill seeks to remove the agency's discretionary power and enforce the ban through legislation. The lawmakers argue that such contracts not only pose national security risks but could also incentivize violent acts and lead to profiting from non-public information. (Decrypt)