Senate Democrats push ban on prediction market bets tied to war and death
Senate Democrats are proposing a bill to ban prediction market contracts related to war, terrorism, assassination, and death.Summary
Senator Adam Schiff (D-CA) has introduced the DEATH BETS Act, aiming to prohibit prediction market contracts linked to terrorism, war, assassination, and individual deaths. This legislation directly challenges the CFTC’s recent shift towards less restrictive regulation of event trading. The bill would remove the CFTC’s discretion in permitting such contracts, establishing explicit legal prohibitions. Schiff argues that betting on such events jeopardizes national security and encourages violence, stating, “There is no justification for gambling on lives.” Representative Mike Levin (D-CA) will introduce a companion bill in the House. This proposal comes as the CFTC, under Chair Mike Selig, revises its approach to prediction market regulation, having recently withdrawn a broad ban on political prediction markets.
(Source：CoinDesk)