Wildfire Event Contract Prohibition Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill prohibits contracts that predict or bet on wildfires, specifically addressing ‘wildfire event contracts’ on prediction markets. It amends the Commodity Exchange Act to prevent these types of agreements from being listed or traded on regulated exchanges. The bill also directs a review of existing federal laws to determine how effectively they can address potential illegal activities related to wildfire event trading and recommends potential legislative changes to deter and prosecute such actions.
Key provisions
- Prohibits listing or trading of ‘wildfire event contracts’ on registered commodity exchanges.
- Defines ‘wildfire event contracts’ as agreements related to wildfires, including ignition, spread, and resulting damage.
- Directs a review of existing federal laws related to influencing or profiting from wildfires through contracts.
- Requires the Attorney General to report findings and legislative recommendations to Congress within 30 days of completing the review.
- Includes an assessment of potential cross-border issues related to offshore platforms and digital assets.
- Addresses barriers to coordination among various federal and state agencies.
- Considers the need for enhanced penalties and reporting requirements.
- Acknowledges that state laws regulating gambling may not be preempted.
Who is affected
- Commodity exchange participants
Bill text
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Sponsors
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1 on record
Primary sponsor
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