US lawmakers Murphy, Casar push legislation to regulate prediction markets

The legislation aims to prevent bets made based on insider knowledge of wars, economic policy and other controllable events.

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United States Senator Chris Murphy and House Representative Greg Casar are set to introduce legislation to rein in prediction markets after bettors cashed in on geopolitical conflicts, including the joint strikes the US and Israel launched against Iran and the abduction of Venezuelan President Nicolas Maduro.

On Tuesday, the two lawmakers announced their intent to introduce the Banning Event Trading on Sensitive Operations and Federal Functions (BETS OFF) Act, which would prohibit wagers on “government actions, terrorism, war, assassination, and events where an individual knows or controls the outcome”.

US lawmakers Murphy, Casar push legislation to regulate prediction markets

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