Latest / Seattle News Today | 2 Min News | The Daily News Now!
Congress Bans Wildfire Betting on Prediction Markets | Seattle News
A fiery new battle is brewing in Congress as Rep. Michael Baumgartner introduces legislation to ban betting on wildfires, arguing that prediction markets could incentivize arson. The Wildfire Event Contract Prohibition Act targets federally regulated platforms, even as loopholes like VPNs and international sites allow such wagers to persist. Critics—including Democratic senators—call the bets “grotesque,” warning of dangerous moral hazards and past tragedies fueled by speculative gambling. The CFTC is already weighing similar restrictions, while Senator Jeff Merkley pushes for swift action…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.