Registered platforms would face bans on political, sports, and military bets

Registered trading platforms would be barred from listing covered contracts or making them available for trading or clearing, the process of settling trades. Covered contracts concern political elections or contests, sports, federal government actions, and military actions by any country. Contracts based on related measures or data are also covered. Only contracts tied to federal government actions would have an exception for managing business risk, as determined by the Commodity Futures Trading Commission through rules.

The Government Accountability Office would study prediction markets, where people trade contracts tied to outcomes, and publicly report findings and recommendations to Congress. The study would examine insider trading, effects on people ages 18–20, and other markets that might warrant bans. It would also examine how Congress could address illegal acts in foreign markets or by companies operating here and abroad. The study and public report would be due no later than 60 days after the bill becomes law.