Bill Would Bar Prediction Markets From Wildfire Contracts

WASHINGTON – Four House members introduced a bill Oct. 29 that would prohibit CFTC-registered exchanges from listing wildfire contracts of any kind. Rep. George Whitesides, D-Calif., sponsors the No Bets on Wildfires Act, H.R. 10951, and three original cosponsors signed on at filing: Reps. James Gallagher, R-Calif., Andrea Salinas, D-Ore., and Vince Fong, R-Calif. Whitesides, Gallagher and Fong all represent California districts. The bill amends the federal Commodity Exchange Act, which the Commodity Futures Trading Commission administers and under which registered prediction market apps list event contracts.