"The bill creates a new criminal charge aimed at people who attempt to influence outcomes while financially invested in them through prediction market contracts."
"Under the proposal, someone would break the law if they take steps to affect the result of an event while they, or someone working with them, holds a position in a related prediction market."
"The key issue is financial benefit, whether direct or indirect, as the bill states that a person violates the law by taking such action while benefiting from the occurrence of the outcome."
"Lawmakers also lay out a general definition of prediction markets, describing them as a platform on which individuals trade contracts based on the outcome of unknown future events."
Tennessee lawmakers are advancing Senate Bill 1992, which criminalizes attempts to influence prediction market outcomes when financially invested. The bill, supported by a 28-1 vote, aims to regulate online trading platforms related to future events. It establishes a new Class E felony for individuals who act to affect event results while holding a position in a prediction market. The legislation defines prediction markets broadly, encompassing various speculative markets, including political and sports outcomes, amid ongoing legal disputes with prediction market operators in the state.
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