Sponsors (8)
Bans wagers and event-based trading tied to terrorism, assassinations, wars, and other nonfinancial government/actor-controlled outcomes and amends criminal, AML, and commodities laws to enforce the ban.
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
The bill reduces risks of manipulation by banning and giving DOJ tools to stop wagers on a specified event, but it restricts individual betting options, creates legal and market uncertainty for event-linked financial and insurance products, and imposes administrative and enforcement costs on governments and businesses.
All Americans: reduces incentives for manipulation or undue influence by prohibiting wagers on the specified event, lowering risk of corrupting behavior tied to that outcome.
Department of Justice and law enforcement: provides the Attorney General a civil injunctive tool to quickly stop prohibited wagering, enabling faster federal response without waiting for criminal prosecutions.
State insurance regulators and insured policyholders: preserves existing insurance exclusions (e.g., TRIP, NFIP, federal crop), keeping customary insurance programs regulated and available as before.
People who place or accept wagers: criminalizes common betting conduct tied to the specified event and eliminates legal betting options, restricting individual liberty and participation in these markets.
Financial firms, betting platforms, and payment processors: face legal risk, lost revenue, and reduced availability of event-based contracts because similar products may be restricted or treated as illegal wagers.
State governments and purchasers of bespoke risk-transfer products: constrains novel insurance-like products tied to geopolitical or governmental events, limiting options for transferring political/governmental risk.
Based on analysis of 6 sections of legislative text.
Prohibits placing, accepting, or facilitating wagers on non-economic, sensitive events such as terrorism, assassinations, wars, and other government or actor-controlled outcomes. The Attorney General can seek injunctive relief against violators. The bill also amends several criminal, anti-gambling, anti-money-laundering, and commodities laws to treat such event-based betting as prohibited conduct and to bar listing, clearing, or trading of contracts or swaps tied to those specified events. The law takes effect 30 days after enactment and includes a severability clause.