US Senator Proposes to Ban War Related Forecasting Market Contracts

According to Cointelegraph, it is predicted that market trading volume will surge due to the escalation of the US Iran conflict. According to Token Terminal data, as of the week ending March 9th, the nominal trading volumes of Polymarket and Kalshi reached $2.49 billion and $2.85 billion, respectively, both reaching historic highs. Dune data shows that the total nominal transaction volume of the predicted market across the entire network is $145 billion, with 2.8 million independent users. Democratic Senator Adam Schiff proposed the DEATH BETS Act on Tuesday, which aims to amend the Commodity Exchange Act (CEA) to prohibit federally regulated prediction markets from listing contracts related to war, terrorism, assassination, and personal death. Previously, six Polymarket traders were questioned for insider trading after betting on a $1 million profit from a US attack on Iran.