US lawmakers propose ban on death betting prediction markets

Members of Congress are moving to block a controversial corner of the prediction market industry by introducing legislation that would outlaw betting contracts tied to violence or death.

The proposal, called the “Discouraging Exploitative Assassination, Tragedy, and Harm Betting in Event Trading Systems Act,” or the DEATH BETS Act, was introduced in the Senate by Sen. Adam Schiff and in the House by Rep. Mike Levin. If enacted, the bill would change federal commodities law so regulated...