Event Contract Enforcement Act

Progress

Timeline

• Mar 18Sponsor introductory remarks on measure. (CR H2588-2589)

Summary

**What this bill does:** This bill would ban certain types of prediction markets (called "event contracts") that allow people to bet on specific outcomes through commodity exchanges. **Who it affects:** - Trading platforms and exchanges that offer prediction markets - People who currently trade on these markets - State governments (regarding gaming contracts) - The Commodity Futures Trading Commission (CFTC) **What would be prohibited:** - Contracts betting on terrorism, assassinations, or wars - Gaming/gambling-related contracts - Bets on election outcomes - Contracts on illegal activities or government actions - Any other activities the CFTC deems harmful to public interest **What would change:** - These types of prediction markets would become illegal at the federal level - States could choose to allow gaming contracts within their borders if they want - The CFTC would gain authority to determine what other activities should be banned - Existing platforms offering these contracts would need to stop or restructure their services The bill aims to prevent betting on sensitive events while giving states flexibility on gambling-related contracts.

How This Affects You