00:00Some states and some U.S. senators have to get involved with at least trying on their own to regulate
00:06some of these things to avoid some very significant issues here.
00:10And a senator named Chris Murphy-Robert has introduced a banning event trading on sensitive operations, which does make sense.
00:19We heard of a journalist being threatened over some of this stuff.
00:22No predicting acts of terrorism, assassinations, war.
00:27I mean, it's crazy that we even have to bring this up.
00:30But naturally, this is the world we're living in here.
00:33I mean, this could have so many different ramifications surrounding it.
00:37Absolutely.
00:39You've seen a number of federal bills being introduced regarding prediction markets and sport event contracts.
00:46This particular bill, the Betsoff bill, doesn't have anything to do with sport event contracts, but it certainly is regarding
00:54something that you've seen come up with in the last month,
00:57where you've seen anonymous users of, it's mostly been polymarket, where people have made, in some cases, hundreds of thousands
01:07of dollars purchasing event contracts based off of U.S. military actions or foreign country actions.
01:19You saw because of U.S.
01:22Someone made, I believe, about $500,000 when the U.S. obviously took some military action against Venezuela and its
01:32president.
01:33Another user made several hundred thousand dollars after the airstrikes against Iran that killed their leader, the Ayatollah Khomeini.
01:46And basically, you know, some of these people in the federal government are saying, we can't have this.
01:51We can't have people that may have insider knowledge on these events, on these actions, making money off of this.
01:59This is ridiculous.
02:00So basically, that's what that Betsoff Act would prohibit.
02:03It wouldn't allow prediction market companies to offer any contracts dealing with war, terrorism, assassinations.
02:11And it certainly would not allow contracts where one individual in the government would have insider knowledge or any type
02:19of influence on the outcome of a government action.
02:23So it'll be interesting to see if this passes.
02:25I think you'll absolutely see several other federal bills come up involving prediction markets.
02:32There are already several that, you know, one completely prohibits event contract, sport event contract trading.
02:41There's another similar bill that would prohibit all in one sport event contract trading and then acts of terrorism and
02:48war.
02:48So this is certainly something that is being seen by people in the federal government.
02:54They want to put a stop to certain events, certain contracts.
02:57And I think, you know, absolutely may happen.
03:01So we'll see where it goes.
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