Sponsors (3)
The bill aims to curb harmful event-based wagering and close legal gaps to protect markets and public safety, but does so with broad prohibitions and ambiguous definitions that could restrict legitimate hedging, raise compliance and enforcement costs, and create substantial legal uncertainty for businesses, platforms, and regulators.
Taxpayers and the public: the bill makes certain event-based wagering unlawful and gives the Attorney General civil injunctive authority, which should reduce illegal wagering activity, associated fraud, and allow faster civil intervention without relying on criminal prosecution.
Financial markets and the public: registered exchanges and clearinghouses are barred from listing or clearing contracts tied to harmful 'specified events,' reducing the risk that speculative bets amplify systemic risk or enable manipulation.
State insurance regulators and insurers: the bill explicitly excludes state insurance regulators and traditional insurance products from being treated as 'wagers,' preserving insurance markets and state regulatory authority.
Businesses, small businesses, and retail investors: broad prohibitions on contracts tied to 'specified events' and bans on listing/clearing could restrict legitimate hedging and price-discovery tools, reduce market liquidity, increase volatility, and raise costs for consumers and firms.
Individuals, businesses, and state regulators: vague/ambiguous definitions (the three subcriteria for 'specified events') and broad amendments to criminal statutes create serious legal uncertainty, increase litigation risk, and could lead to overcriminalization or unexpected criminal exposure.
Banks, financial institutions, and customers: expanding the statutory definitions and enforcement scope may subject more transactions to anti-money-laundering rules and reporting, increasing compliance burdens and costs that are likely passed to customers and taxpayers.
Based on analysis of 12 sections of legislative text.
Bans wagers and the listing/clearing/trading of contracts or swaps tied to terrorism, assassination, war, and similar non‑financial events.
Introduced March 17, 2026 by Christopher Murphy · Last progress March 17, 2026
Prohibits placing, accepting, or facilitating bets on certain non‑financial events such as terrorism, assassination, war, and other events defined by government action, outcomes under an individual's control, or outcomes known in advance. It defines key terms, explicitly excludes ordinary insurance and certain federal insurance programs, authorizes the Department of Justice to seek injunctions against violations, and amends federal financial and criminal statutes to block the listing, clearing, or trading of contracts, swaps, or agreements tied to those specified events. The law takes effect 30 days after enactment and includes a severability clause.