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Senators urge ban on wildfire predictions market
['Senior Reporter', "Senior Reporter For The Bond Buyer'S West Coast Region.", 'Buy-Side Specialist', 'Northeast Reporter']
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Firefighters are battling several blazes in the state that have consumed tens of thousands of acres.
Oregon and Washington governors have already declared states of emergency as blazes wreak havoc in their states.
In the letter, the officials said their action was prompted by reports of public safety and insider trading concerns related to prediction market platforms that offer wagering on natural disasters, such as wildfires.
"By offering contracts on fires, prediction market sites run the risk of encouraging people to influence fires that have already started, creating additional concerns around public safety and insider trading."
He introduced a bill in March with Klobuchar called the End Prediction Market Corruption Act, which would ban the president, vice president, and members of Congress and other public officials from trading event contracts.