HR 7840
Event Contract Enforcement Act
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- Passed Senate
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Bill overview
This bill, the Event Contract Enforcement Act, aims to prevent the trading of contracts based on certain risky events. Specifically, it prohibits listing or trading contracts tied to unlawful activities, terrorism, assassination, war, election outcomes, government actions, or other activities deemed harmful by the Commodity Futures Trading Commission. The bill also allows states to opt out of the prohibition on gaming contracts.
Key provisions
- Prohibits listing and trading of event contracts based on terrorism.
- Prohibits listing and trading of event contracts based on assassination.
- Prohibits listing and trading of event contracts based on war.
- Prohibits listing and trading of event contracts based on election outcomes.
- Prohibits listing and trading of event contracts based on government activities.
- Defines ‘gaming’ for the purpose of this legislation.
- Allows states to exempt themselves from the prohibition on gaming contracts.
Who is affected
- Commodity Futures Trading Commission
- Registered trading entities
- Contract traders
- States
Notable changes
- Expands the list of prohibited events in event contracts.
- Creates a definition of ‘gaming’ for the purposes of the law.
- Provides states with the option to exempt themselves from the prohibition on gaming contracts.
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119th CONGRESS — 2d Session
H. R. 7840
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Commodity Exchange Act to prohibit event contracts based on terrorism, assassination, war, gaming, illegal activity, election outcomes, government activities, or other activities determined by the Commodity Futures Trading Commission to be contrary to the public interest, and to allow States to exempt themselves from the prohibition on gaming contracts.
This Act may be cited as the Event Contract Enforcement Act
.
by striking clauses (i) and (ii) and inserting the following:
activity that is unlawful under Federal or State law;
terrorism;
assassination;
war;
gaming;
the result of any vote in an election (as defined in section 301 of the Federal Election Campaign Act of 1971) held under Federal, State, or local law, including a ballot initiative or referendum;
other similar activity determined by the Commission, by rule or regulation, to be contrary to the public interest.
by adding at the end the following:
The amendments made by subsection (a) shall take effect on the date that is 180 days after the date of the enactment of this Act.