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Senators Call for Crackdown on Prediction Markets Allowing Wildfire Bets

Jibin Joseph· ·2 min read · 0 reactions · 0 comments · 7 views
Senators Call for Crackdown on Prediction Markets Allowing Wildfire Bets
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They have requested the agency to respond to their concerns by Aug. 14.This comes as wildfires have ripped through Spokane, Washington. A man was charged with arson in one of three fires, CNN reports.

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Original publisherPCMag
Canonical URLhttps://www.pcmag.com/news/senators-call-for-crackdown-on-prediction-markets-allowing-wildfire-bets
Publication timeWed, 05 Aug 26 14:49:01 +0000
Retrieval time2026-08-05T15:20:42.877Z
Last seen2026-08-05T15:20:42.877Z
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Opening excerpt (first ~120 words) tap to expand

Prediction markets have made it possible to wager on almost any future event, including election results and Elon Musk’s tweet frequency, but not every bet is well-received.A group of US senators, led by Jeff Merkley (D-Ore.), wrote to the Commodity Futures Trading Commission (CFTC) demanding action against prediction markets that let users bet on wildfires. They argue that promoting such wagers could incentivize people to start or intensify fires just to ensure big returns on their investments.The letter, sent on Monday and signed by seven senators from Oregon, California, Nevada, Minnesota, and New Hampshire, highlighted how Polymarket allowed bets on the Palisades and Eaton fires in January 2025.

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