Senator Introduces 'DEATH BETS' Act Against War-Linked Prediction Markets
Senator Schiff proposed the DEATH BETS Act to ban prediction markets from offering contracts on violent events like war and assassination.Summary
US Senator Adam Schiff has introduced the DEATH BETS Act, aiming to prohibit federally regulated prediction market platforms from listing contracts related to war, terrorism, assassination, or individual deaths. Schiff argues these markets incentivize the misuse of classified information, threaten national security, and encourage violence, describing the current landscape as a “Wild West.” The bill would amend the Commodity Exchange Act to give the CFTC the authority to ban such contracts. This legislation follows increased scrutiny of these platforms during recent geopolitical tensions, including the US-Israel conflict with Iran, where trading activity and allegations of insider trading surfaced. Several traders reportedly profited significantly by accurately predicting the timing of potential US strikes, and concerns have grown regarding the use of non-public information for illicit gains within these markets.
(Source：Cointelegraph)