"Betting on war and death creates an environment in which insiders can profit off of nonpublic information, our national security is jeopardized, and violence is encouraged. Congress must act."
"Under the bill's language, any 'registered entity' would be barred from listing or clearing event contracts connected to violent acts or mortality. Lawmakers say the change is designed to shut down a category of wagers that many in Washington see as ethically troubling and potentially dangerous."
"The proposal specifically targets contracts that reference 'terrorism, assassination, war, or any similar activity,' as well as markets that could be interpreted as tracking or predicting 'an individual's death.'"
Senators Adam Schiff and Representative Mike Levin introduced the DEATH BETS Act to prohibit prediction market betting on violence and death. The legislation amends the Commodity Exchange Act to prevent registered exchanges from listing or clearing event contracts connected to terrorism, assassination, war, or individual deaths. Lawmakers argue such betting creates opportunities for insiders to profit from nonpublic information, jeopardizes national security, and encourages violence. The bill specifically targets contracts referencing violent acts or mortality and modifies Section 5c of the Commodity Exchange Act to prohibit agreements or swaps tied to these excluded commodities.
Read at ReadWrite
Unable to calculate read time
Collection
[
|
...
]