WASHINGTON, March 17 -- Sen. Chris Murphy issued the following press release:
U.S. Senator Chris Murphy (D-Conn.) and U.S. Representative Greg Casar (D-Texas-35) on Tuesday unveiled the Banning Event Trading on Sensitive Operations and Federal Functions (BETS OFF) Act, bicameral legislation to ban wagering on government actions, terrorism, war, assassination, and events where an individual knows or controls the outcome. Because many of these "event contracts" are traded on offshore prediction markets, the bill also amends existing laws against illegal gambling to enforce these rules by shutting down payment systems to illegal online platforms and imposing criminal penalties for people in the U.S. who promote, manage, own, or supervise thes...