finance
Sen. Adam Schiff Introduces Bill to Ban Prediction Market Bets on Wars, Assassinations, and Terrorism
U.S. Sen. Adam Schiff urged Congress to impose stricter regulations on prediction markets, citing risks of unethical profits from insider information. He proposed legislation to ban contracts linked to events like war, assassination, terrorism and death. Schiff warned that inaction could lead to more criminal activities.
Apr 24, 4:44 AM·1m read1 source
BenzingaAudio version
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Sen. ) called for stricter rules on prediction markets on Thursday, warning that access to insider information could fuel unethical profits and criminal activity tied to sensitive global events, Benzinga reported. In a post on X, Schiff said Congress must ensure that no public official or other person with insider information can use that knowledge to place bets in prediction markets.
Schiff pushed legislation that would prohibit contracts tied to events such as war, assassination, terrorism and death. "These kinds of bets should be precluded altogether," Schiff said. Schiff added that failure to act could lead to a lot more crimes like this one.
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