New Bill Aims to End Betting on Govt, Military Moves
Highlights
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US lawmakers call for a ban on prediction market bets on military actions and government decisions.
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Growing public support for banning elected professionals from prediction markets.
Senator Chris Murphy (D-Conn.) and Rep. Greg Casar (D-Texas) are directing efforts towards the Banning Event Trading on Sensitive Operations and Federal Functions Act.
This legislation aims to prevent the prediction market from offering bets on government actions, terrorism, war, and other political events.
The bill reinforces existing illegal gambling laws by shutting down payment systems of banned prediction market platforms. These systems also ensure that citizens who operate or promote them have to face legal consequences.
Lawmakers argued they saw a sudden rise in betting activity on Polymarket hours before the US strikes on Iran. They also witnessed a similar trend hours before the US strikes on Iran.
Murphy emphasized that the real concern goes beyond the prediction market. It could also mean that government officials can be lured by dangerous incentives to make changes to get a favourable outcome.
” There are likely people who have placed bets on whether the United States is going to take a particular military action overseas, and they are giving advice to the President not based on what’s best for national security, but based upon what will make them money,” Murphy said.
Both members have strongly agreed that there lies a link between Trump’s family and the prediction market firm.
” This administration is not going to be cracking down on this form of corruption anytime soon since they’re cashing in on it,” Casar said.
The new reform has been backed by public sentiment. The recent report from Data for Progress reveals that 59% of voters oppose wagering on potential government actions.
To know the full news story. Read Here!
This legislation aims to prevent the prediction market from offering bets on government actions, terrorism, war, and other political events.
The bill reinforces existing illegal gambling laws by shutting down payment systems of banned prediction market platforms. These systems also ensure that citizens who operate or promote them have to face legal consequences.
Lawmakers argued they saw a sudden rise in betting activity on Polymarket hours before the US strikes on Iran. They also witnessed a similar trend hours before the US strikes on Iran.
Murphy emphasized that the real concern goes beyond the prediction market. It could also mean that government officials can be lured by dangerous incentives to make changes to get a favourable outcome.
” There are likely people who have placed bets on whether the United States is going to take a particular military action overseas, and they are giving advice to the President not based on what’s best for national security, but based upon what will make them money,” Murphy said.
Both members have strongly agreed that there lies a link between Trump’s family and the prediction market firm.
” This administration is not going to be cracking down on this form of corruption anytime soon since they’re cashing in on it,” Casar said.
The new reform has been backed by public sentiment. The recent report from Data for Progress reveals that 59% of voters oppose wagering on potential government actions.
To know the full news story. Read Here!
