HR 8148
Prediction Market RISK Act
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Bill overview
This bill strengthens the Commodity Futures Trading Commission’s (CFTC) ability to regulate prediction markets. It defines prediction market contracts as financial instruments linked to future events and clarifies that the CFTC can enforce rules against illegal trading practices within these markets. The bill aims to prevent insider speculation and knowledge trading, which could undermine the integrity of prediction markets. It reinforces the CFTC’s existing authority to oversee these activities.
Key provisions
- Defines ‘prediction market contract’ for regulatory purposes.
- Clarifies the CFTC’s authority to enforce rules against illegal trading in prediction markets.
- Applies existing Commodity Exchange Act provisions to prediction market contracts.
- Focuses on preventing insider speculation and knowledge trading.
Who is affected
- Commodity Futures Trading Commission (CFTC)
- Participants in prediction markets
- Platforms offering prediction market contracts
- Investors in prediction markets
Notable changes
- Reinforces the CFTC’s regulatory power over prediction markets.
- Specifically addresses illegal trading practices within these markets.
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Primary sponsor
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119th CONGRESS — 2d Session
H. R. 8148
IN THE HOUSE OF REPRESENTATIVES
A BILL
To reaffirm the Commodity Futures Trading Commission’s authority to enforce prohibited activity on prediction markets.
This Act may be cited as the Prediction Market Restrictions on Insider Speculation and Knowledge-Trading Act Prediction Market RISK Act
or the
.
The term prediction market contract
means any financial instrument, contract, or derivative listed on or offered by a platform engaged in interstate commerce and tied to the occurrence or non-occurrence of a future event, including market-based event contracts.
Section 4(c) and section 6(c) of the Commodity Exchange Act (7 U.S.C. 7a–2(c)) apply to illegal trading practices occurring with relation to a prediction market contract.