US Lawmakers Aim to Restrict Prediction Markets Amid Military Action Bets

US Democratic lawmakers are proposing measures to limit prediction markets following reports of approximately $679 million being wagered on contracts related to US military actions in Iran. According to NS3.AI, one proposed bill seeks to ban contracts associated with war and death-related events, while another aims to prevent senior federal officials from trading these products entirely. Concurrently, the Commodity Futures Trading Commission is working on a new framework for event contracts, as offshore crypto platforms like Polymarket continue to draw both controversy and significant institutional support.