Adam Schiff for Senate







John, I represent the people who lost their homes in the Palisades
and Eaton fires.

While those fires tore through Los Angeles last year — killing 31 people
and destroying more than 16,000 structures — people were betting on how
bad it would get.

Between the Palisades and Eaton fires, more than $1.2 million was wagered
on prediction market sites on questions like how many acres would burn,
which locations the fires would reach, and when the fires would finally be
contained.

That's on top of the bets placed every single day on tragedies like
assassinations, terrorist attacks, and acts of war.

There is nothing redeeming about betting on death and disaster, and no
societal benefit is gained.

The most perverse incentives are created: for insiders to trade on
classified information, for arsonists to profit off the fires they set,
for a neighbor's tragedy to become someone else's trading opportunity.

This market has become the newest Wild West, and it keeps finding new
tragedies to profit from. Betting on death and destruction jeopardizes our
national security, encourages violence, and puts a price tag on human
suffering.

So who is on the other side of that trade? Who profits when the wind
turns?

That's why I introduced the DEATH BETS Act to ban prediction contracts on
war, terrorism, assassination, and individual deaths — and why I'm now
pushing the Commodity Futures Trading Commission to shut wildfire betting
down too.

[ [link removed] ]There is no justification for gambling on lives. Add your name in
support of this legislation and help us get it across the finish line →

[ [link removed] ]ADD YOUR NAME→

Because of your support, we can keep fighting for legislation like this.
Thank you.

— Adam


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