Nine Democratic Senators Urge CFTC to Ban Wildfire Prediction Market Contracts
JH Kim
Summary
- Nine Democratic US senators urged the CFTC to ban prediction market contracts tied to whether wildfires occur.
- They said wildfire-related prediction market contracts could encourage arson, enable insider trading and threaten public safety.
- The senators urged the CFTC to regulate wildfire-related betting products before next year's wildfire season begins.
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Decrypt reported on August 6 that nine Democratic US senators urged the Commodity Futures Trading Commission to ban prediction market contracts tied to whether wildfires occur.
In a letter to CFTC Chairman Michael Selig, Sen. Jeff Merkley and the other lawmakers wrote that wildfire-related prediction market contracts could encourage arson, enable insider trading and threaten public safety.
They urged the CFTC to regulate wildfire-related betting products before next year's wildfire season begins.
JH Kim
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