Senators demand crackdown on wildfire "prediction markets"

Ars Technica reports that several US senators have written to the Commodity Futures Trading Commission requesting investigation of prediction markets that allow betting on wildfires. The group, representing Oregon, California, Nevada, Minnesota, and New Hampshire, argues that offering bets on destructive fires threatens to minimize communities' suffering while enabling the wealthy to profit. The inquiry was prompted by platforms such as one that hosted bets on January twenty twenty-five's Los Angeles wildfires, and another offering simulated bets exclusively on California wildfires.

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