PANews reported on March 11 that, according to Decrypt, Democratic Representative Mike Levin and Senator Adam Schiff introduced the "DEATH BETS Act" on Tuesday. This bill aims to amend the Commodity Exchange Act to explicitly prohibit any entity registered with the CFTC from listing contracts related to events involving terrorism, assassination, war, or personal death. Levin stated that betting over $500 million on the timing of a U.S. military strike against Iran is unacceptable, and the bill will stop such behavior.

The bill comes as CFTC Chairman Michael Selig announced on Monday plans to expand the regulatory framework for prediction markets, stating that advance notices of rulemaking would be issued to solicit public comment and that prediction markets are "considered by the public to be more accurate than political polls."