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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.

Benzinga
1 source·Apr 24, 8:44 AM(35 days ago)·1m read
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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.

Key Facts

Schiff calls for stricter rules
Sen. Adam Schiff (D-Calif.) called for stricter rules on prediction markets on Thursday.
Warning on insider information
Sen. Adam Schiff warned that access to insider information could fuel unethical profits and criminal activity tied to sensitive global events.
Proposed legislation
Sen. Adam Schiff pushed legislation that would prohibit contracts tied to events such as war, assassination, terrorism and death.
Quote on precluding bets
Sen. Adam Schiff said 'These kinds of bets should be precluded altogether.'
Warning on inaction
Sen. Adam Schiff said failure to act could lead to a lot more crimes like this one.
politicsprediction-marketslegislationinsider-tradingcongress

Potential Impact

  1. 01

    Increased scrutiny on prediction markets for insider trading risks.

  2. 02

    Potential introduction of new legislation banning certain prediction market contracts.

  3. 03

    Possible reduction in unethical profits from sensitive events if rules are implemented.

Transparency Panel

Sources cross-referenced1
Framing risk0/100 (low)
Confidence score65%
Synthesized bySubstrate AI
Word count104 words
PublishedApr 24, 2026, 8:44 AM
Bias signals removed2 across 1 outlet
Signal Breakdown
Loaded 2
Original Sources
BenzingaAdam Schiff Urges Prediction Markets Crackdown Over Insider Trading, Warns Of 'More Crimes' If No Action Is Taken

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