Rep. Mike Levin and Sen. Adam Schiff introduced the DEATH BETS Act, saying the bill would explicitly bar any CFTC-registered entity from listing contracts tied to terrorism, assassination, war, or an individual’s death. The measure is designed to amend the Commodity Exchange Act and close what the sponsors describe as remaining gaps around “death” contracts.
According to the bill text and the joint announcement, current law leaves the CFTC with discretion to decide whether certain war, terrorism, or assassination contracts are contrary to the public interest. The new proposal would codify the ban on those categories and add contracts that involve death or closely correlate with a person’s death. Levin said more than $500 million was wagered on the timing of U.S. military strikes on Iran, while the release also pointed to a paused contract on whether Iran’s Ali Khamenei would be “out as Supreme Leader” after reaching $54 million in trading volume.
Next, stakeholders will watch whether the bill advances in Congress and whether lawmakers move to narrow the CFTC’s discretion as prediction markets keep expanding into politically and ethically charged events.
Source: Rep. Mike Levin and Sen. Adam Schiff press release; DEATH BETS Act bill text.
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