US senators demand CFTC crackdown on wildfire prediction market bets

A bipartisan group of senators from Oregon, California, Nevada, Minnesota and New Hampshire sent a letter to the CFTC demanding a crackdown on prediction markets that allow bets on wildfires. They specifically cited Polymarket, which hosted bets on the January 2025 Los Angeles wildfires, and another site accepting simulated bets exclusively on California wildfires. Senators argued such bets trivialise community suffering while enriching wealthy speculators.

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