DEATH BETS Act
Sponsored By: Senator Schiff, Adam B. [D-CA]
Introduced
Summary
Bans derivatives that let people bet on war, terrorism, assassination, or an individual’s death. It would amend the Commodity Exchange Act to prohibit registered entities from listing or clearing any contract, transaction, or swap tied to those harms when based on an excluded commodity as the Commission determines.
Show full summary
- Registered exchanges and clearinghouses would be barred from listing for trading or accepting for clearing any contract, transaction, or swap that involves or references terrorism, assassination, war, or similar activity.
- Traders and investors would no longer be able to buy or sell derivatives that reference an individual’s death or that closely correlate to a person's death.
- The Commission would have authority to determine which contracts are covered and the prohibition relies on the statute's definition of "excluded commodity".
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Ban on death and terror contracts
If enacted, registered exchanges and clearinghouses would be banned from listing or clearing contracts tied to a person's death. They would also be banned from listing or clearing contracts that reference terrorism, assassination, war, or similar acts. The Commodity Futures Trading Commission would decide what counts as terrorism or similar activity. This would take effect upon enactment and require market participants to stop offering those products on registered platforms.
Sponsors & CoSponsors
Sponsor
Schiff, Adam B. [D-CA]
CA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov