Sponsors (8)
The bill strengthens national-security and federal enforcement by banning certain event-related wagers and clarifying regulatory definitions, at the cost of restricting betting options, constraining some insurance-like or event-linked financial products, and increasing regulatory and enforcement burdens.
All Americans: reduces incentives for manipulation or undue influence by banning specified harmful wagers tied to the event.
State governments and insured policyholders: preserves existing insurance exclusions (e.g., TRIP, NFIP, federal crop), keeping customary insurance products regulated and available.
Department of Justice and law enforcement: provides the Attorney General a civil injunctive tool to stop prohibited wagering quickly, improving federal enforcement options.
People who place or accept wagers: criminalizes common conduct related to the specified event and removes legal betting options, limiting individual betting choices and exposing participants to criminal risk.
Businesses, intermediaries, and purchasers of novel risk-transfer products: may face constrained markets, legal risk, and lost revenue as event-linked products (including insurance-like offerings tied to geopolitical/government risks) become restricted or legally uncertain.
State and federal governments (and taxpayers): will likely incur administrative and enforcement costs — states must update statutes/guidance and the DOJ may face increased litigation and monitoring burdens.
Based on analysis of 6 sections of legislative text.
Prohibits wagers and related trading tied to terrorism, assassinations, wars, and other nonfinancial 'specified events' and authorizes civil injunctions; amends criminal, AML, and commodities laws to block such trading.
Official title: To prohibit any person from placing, accepting, or facilitating the placement or acceptance of a wager regarding a specified event, and for other purposes.
Introduced March 17, 2026 by Greg Casar · Last progress March 17, 2026
Prohibits placing, accepting, or facilitating wagers on events that are nonfinancial in nature — including terrorism, assassinations, wars, and other government or person-controlled acts — and lets the Attorney General seek injunctions against violators. It also amends several federal criminal, anti-gambling, anti-money-laundering, and commodities statutes to treat such event-based betting as prohibited conduct and to bar listing or trading of agreements, contracts, swaps, or indices tied to those events on registered exchanges and clearinghouses. The law takes effect 30 days after enactment, includes severability language, and excludes ordinary insurance and reinsurance programs already authorized under federal or state law from the definition of prohibited “wagers.”