Nine Democratic senators have urged the CFTC to ban prediction market contracts tied to wildfires, warning they could encourage arson, enable insider trading, and allow profiting from natural disasters. They noted that Polymarket accepted over $1.2 million in bets on California’s Palisades and Eaton fires in 2025. The senators, led by Jeff Merkley, Alex Padilla, and Adam Schiff, called on the agency to act before next wildfire season. This request comes amid increasing legal challenges against prediction markets in Minnesota, Kentucky, and Michigan.
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