Support the DEATH BETS Act to Ban Betting on War and Death

Another day, another letter, this time in favor of supporting the DEATH BETS Act. It would explicitly ban prediction market contracts on terrorism, assassination, war, and death. This legislation closes dangerous loopholes that currently allow traders to profit from violence and loss of life. We’ve already seen it. Over half a billion dollars was wagered on the timing of U.S. military strikes on Iran alone. Platforms like Kalshi listed contracts on whether Iran's Ali Khamenei would be "out as Supreme Leader," generating $54 million in trading volume before being paused. Other contracts have speculated on whether the Artemis II mission would explode, if Maduro would be removed from power, and whether Russian forces would capture Ukrainian towns. This is all unacceptable. These markets create perverse incentives where insiders with classified information can profit from tragedy. They jeopardize national security and encourage violence. While the CFTC currently has discretionary authority to prohibit such contracts, the Commission has turned a blind eye as these markets proliferate. With the CFTC Chair planning to rewrite prediction market rules, Congress must act now to establish an unequivocal ban. The DEATH BETS Act removes regulatory discretion and codifies clear prohibitions. There is no public benefit to gambling on human lives. Vote yes on this legislation.