Moore introduces bill to curb prediction-market 'event contracts' citing security and insider‑trading risks

Rep. Blake Moore said he and his staff introduced the Event Contract Enforcement Act, legislation intended to restrict certain prediction-market ‘‘event contracts’’ that he said can create incentives for insider leaks, criminal profiteering and national‑security risks.

Moore described how online prediction markets differ from traditional wagering: rather than odds set by a bookmaker, traders buy and sell shares tied to an outcome and prices fluctuate with market forces. He said some event contracts have already mirrored or enabled problematic behavior — citing, for example, large investments placed hours before a U.S. military strike that netted significant profits for a small number of accounts.

The congressman said the bill would give the Commodity Futures Trading Commission (CFTC) “more teeth” to regulate these contracts and would require stronger federal oversight so that platforms cannot avoid state gambling laws by labeling activity as investment. He said the measure has attracted bipartisan interest and national attention and noted Senate colleagues working on related measures.

Moore named Utah officials (Gov. Spencer Cox and Attorney General Derek Brown) and said state leaders are taking a strong stance on related gambling issues. He also said Sen. Mike Lee and other senators (Moore referenced a joint bill effort with Sen. Bill Cassidy and others) were involved in parallel Senate work. (Note: the transcript lists Senate collaborators and state officials by title as part of Moore’s description.)

Moore said the introduction of the bill generated “more national attention than I’ve ever experienced before” for a bill’s introduction and urged constituents to monitor the bill’s progress as it moves through committee and potential Senate companion measures.

The town hall transcript records Moore’s explanation of the policy rationale and examples he used to illustrate insider‑trading concerns; no committee actions or votes were recorded during the call.