Nine Senate Democrats, led by Sen. Jeff Merkley of Oregon, are urging the Commodity Futures Trading Commission to prohibit prediction market contracts tied to wildfires, citing more than $1.2 million wagered on California's deadly Palisades and Eaton fires through Polymarket.

From InGame.com:

The group also cites the launch of Wyldfyre, a standalone California wildfire betting platform. Notably, that site operates with play money and is not federally registered.

The senators raise arson incentive concerns and pose several questions of Selig, among them: Does the CFTC have any plans to curb bets on wildfires on prediction markets in the United States? Does the agency have plans to address these contracts being offered on offshore markets?
Read more here: https://www.ingame.com/prediction-ma...blog/#update-1