WASHINGTON, Aug. 3 -- Sen. Jacky Rosen issued the following press release:
Today, U.S. Senators Jacky Rosen (D-NV) and Catherine Cortez Masto (D-NV) joined a letter led by U.S. Senator Jeff Merkley (D-OR) to the Commodity Futures Trading Commission (CFTC) raising the alarm about offshore prediction markets allowing people to bet on wildfires. As wildfires burn in Nevada (https://www.8newsnow.com/news/local-news/new-pass-fire-becomes-nevadas-largest-of-2026-among-4-active-wildfires-statewide/) and across the nation (https://www.axios.com/2026/08/03/us-wildfire-season-large-fires-10-year-average), the Senators are demanding answers from the CFTC following public reporting that highlights the public safety and insider trading concerns over allowing prediction market platforms to offer bets on natural disasters such as wildfires (https://www.cnn.com/2026/07/17/climate/betting-wildfires-polymarket-prediction-market-platforms).
"Offering bets on destructive wildfires threatens to minimize communities' suffering all so the rich and powerful can profit," the Senators wrote. "There's also the heightened risk - according to state and local fire officials - that individuals could be tempted to commit arson in order to make sure their bets are successful. By offering contracts on fires, prediction market sites run the risk of encouraging people to influence fires that have already started, creating additional concerns around public safety and insider trading."
The Senators pressed the CFTC to swiftly ensure regulated exchanges are not listing event contracts that allow users to profit from wildfires threatening communities nationwide.
The full text of the letter can be found HERE (https://www.rosen.senate.gov/wp-content/uploads/2026/08/2026.08.03-LTR-Wildfire-Prediction-Markets-FINAL.pdf).
Senator Rosen has been vocal about the need for more regulation on online prediction markets at the federal level. She recently joined (https://www.rosen.senate.gov/2026/07/06/rosen-joins-senate-colleagues-in-protecting-state-and-tribal-rights-to-regulate-prediction-markets/) Senate colleagues in a letter urging appropriators to protect states and Tribal nations' rights to regulate prediction markets. In April, Senator Rosen joined Senate colleagues (https://www.cortezmasto.senate.gov/news/press-releases/cortez-masto-colleagues-urge-cftc-chair-selig-to-uphold-law-prohibit-prediction-markets-incentivizing-physical-injury-death-or-war/) in a letter urging the CFTC to crack down on insider trading and certain event contracts on prediction markets. During a May hearing in the Senate Commerce Committee, Senator Rosen raised significant concerns (https://thehill.com/homenews/senate/5887921-gambling-advertising-consumer-protection/) about the risks of unregulated prediction markets circumventing consumer protection rules.
Disclaimer: Curated by HT Syndication.
