[U.S. Senator Urges CFTC to Ban California Wildfire Prediction Markets, Concerned Traders May Commit Arson for Profit] According to BeInCrypto, U.S. Democratic senators have written to Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, requesting a ban on betting on California wildfires in prediction markets, warning that traders might commit arson to profit. The letter, led by Oregon Senator Jeff Merkley, mentioned that during the January 2025 Los Angeles wildfires, approximately $1.2 million in related bets had already been placed. Among them, the total trading volume in the market predicting the full extinguishment time of the Palisades Fire reached $711,587, with the largest single bet amounting to $274,797, placed on the latest possible extinguishment date, indicating that most funds were betting on slow firefighting progress. The new rules proposed by the CFTC on June 10 require contract-by-contract reviews, covering terrorism, assassination, war, gambling, and illegal activities, but do not address wildfires.