Nevada Senators Join Dems Calling for End to Wildfire Bets

Nevada senators join Dems calling for end to wildfire bets

(The Center Square) - Lawmakers across the nation have raised concerns that bets on wildfires, popularized on prediction market sites, could encourage arson.

'You can’t predict fire. But you can trade on it' – Senators warn prediction market activity on wildfires could encourage arson

“Offering bets on destructive wildfires threatens to minimize communities’ suffering all so the rich and powerful can profit,” nine senators wrote.

‘You can’t predict fire. But you can trade on it’: Senators warn bets could encourage arson

California Sens. Alex Padilla and Adam Schiff have joined a call to demand financial regulators restrict prediction market activity on wildfires, citing concerns that the bets could incentivize arson or other destructive interventions. “Offering bets on destructive wildfires threatens to minimize communities’ suffering all so the rich and powerful can profit,” reads a letter sent by nine senators to Michael Selig, chair of the Commodity Futures …