DEATH BETS Act
Sponsored By: Senator Adam Schiff
Introduced
Summary
Bans derivatives that bet on war, assassination, terrorism, or an individual's death. This bill would add a new subsection to Section 5c of the Commodity Exchange Act to prohibit any agreement, contract, transaction, or swap based on an excluded commodity that involves, relates to, or references terrorism, assassination, war, similar activity, or an individual’s death. The prohibition targets contracts listed for trading or accepted for clearing on or through a registered entity. The Commission would determine what counts as those activities or references. The bill is titled the Discouraging Exploitative Assassination, Tragedy, and Harm Betting in Event Trading Systems Act, or the DEATH BETS Act.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Exchanges banned from death-related contracts
If enacted, this bill would ban registered exchanges and clearinghouses from listing or clearing any contract based on an excluded commodity that references an individual's death or references terrorism, assassination, war, or similar violent activity. The Commodity Futures Trading Commission would decide what counts as those activities. The ban would take effect upon enactment and would mainly affect exchanges, clearinghouses, dealers, and counterparties, not most households.
Sponsors & CoSponsors
Sponsor
Adam Schiff
CA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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