US Lawmakers Introduce Bill to Crack Down on Prediction Markets War Bets
US lawmakers introduced the BETS OFF Act to ban betting on sensitive government operations like war on prediction markets.Summary
Democratic US lawmakers, Representative Greg Casar and Senator Chris Murphy, introduced the Banning Event Trading on Sensitive Operations and Federal Functions (BETS OFF) Act following concerns over "government corruption" stemming from unusual bets on prediction markets regarding a potential US-Israel war against Iran. Senator Murphy suggested that individuals with inside information may have placed large bets. Casar emphasized that decisions of war and peace should not be influenced by financial stakes. This legislation follows previous efforts, such as Senator Adam Schiff's DEATH BETS Act, aimed at regulating prediction markets like Polymarket and Kalshi, which allow betting on various outcomes, including sensitive geopolitical events. While Polymarket defended its war-related markets as providing valuable forecasting, Kalshi offered contracts on broader related topics but avoided specific military actions. The controversy highlights ongoing legislative efforts to prevent insider trading or influence on critical government decisions via these platforms.
(Source：Cointelegraph)