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Congress Bans Wildfire Betting on Prediction Markets | Seattle News
Description
A fiery new battle is brewing in Congress as Rep. Michael Baumgartner introduces legislation to ban betting on wildfires, arguing that prediction markets could incentivize arson. The Wildfire Event Contract Prohibition Act targets federally regulated platforms, even as loopholes like VPNs and international sites allow such wagers to persist. Critics—including Democratic senators—call the bets “grotesque,” warning of dangerous moral hazards and past tragedies fueled by speculative gambling. The CFTC is already weighing similar restrictions, while Senator Jeff Merkley pushes for swift action, urging agencies to crack down on both domestic and overseas schemes. This move comes amid growing scrutiny of platforms like Polymarket and Kalshi, highlighting a broader ethical dilemma: where do financial speculation and public safety intersect?
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