David McCormick (R-PA)
Prediction Market Act of 2026
A Republican bill with 2 Democratic cosponsors · See all 3 cosponsors
Last activity — Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
The Prediction Market Act of 2026 seeks to amend the Commodity Exchange Act to include specific rules and definitions for "event contracts." These contracts are based on the occurrence of certain events or contingencies. The bill establishes new oversight mechanisms, including an Advisory Council on Consumer Protection and an Office of the Retail Advocate. It also prohibits Members of Congress and certain executive branch officials from trading these contracts. Additionally, the act mandates various studies and establishes an Innovation Advisory Committee to assist the Commission.
Yes· 3 of 5
- Scored +7
Does this give people more protection from unfair business practices?
The bill establishes an Advisory Council on Consumer Protection and an Office of the Retail Advocate to protect retail investors.
- Scored +5
Does this make what the government does easier for the public to see?
The bill requires the Commission to publish reports and findings on a publicly available website.
- Scored +3
Would households on low incomes be better off under this?
The bill includes provisions for financial literacy and consumer protection for retail participants.
The opposite
- Scored -2
Does this change how police departments operate?
The bill prohibits event contracts based on activity involving terrorism, assassination, war, or violence.
Who it would affect, and how
Potential Positive Impacts for People
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Consumer Protection via Oversight: The bill creates an Advisory Council on Consumer Protection to encourage discussions on consumer protection and develop recommendations to ensure markets promote customer protection and market integrity (Section 2, subsection (d)(6)(C)).
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Advocacy for Individual Investors: The establishment of the Office of the Retail Advocate provides a dedicated entity to assist retail participants in resolving significant problems relating to transactions and to analyze the potential impact of proposed regulations (Section 2, subsection (d)(7)(D)).
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Prevention of Unlawful Markets: The Commission is granted authority to determine that event contracts are contrary to the public interest if they involve activity such as terrorism, assassination, war, or violence, and may prohibit these from being traded (Section 2, subsection (d)(2)(A)).
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Increased Transparency and Readability: The bill requires the Commission to prescribe disclosure requirements for event contracts that are designed to promote readability for retail customers (Section 2, subsection (d)(2)(D)(ii)).
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Standardized Marketing Rules: To protect the public, the bill restricts promotional materials for event contracts, preventing deceptive practices, material misstatements, or mentions of profit without discussing the risk of loss (Section s 2, subsection (d)(3)(A)).
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Retail Investor Education: The Commission is directed to conduct financial literacy and customer education activities specifically for retail investor activity related to event contracts (Section 3(d)).
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Prevention of Insider Trading: The bill implements a prohibition on Members of Congress and certain executive branch officials from entering into event contracts (Section 3(a)).
Potential Negative Impacts for People
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Risk of Financial Loss: The bill acknowledges that event contracts involve a risk of loss, which must be disclosed to customers (Section 2, subsection (d)(5)(B)).
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Potential for Penalties: The Commission is authorized to prescribe financial penalties for designated contract markets or swap execution facilities that fail to comply with certain standardized requirements for written certifications (Section 2, subsection (d)(2)(D)(iii)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — The bill includes provisions for financial literacy and consumer protection for retail participants. Would middle-income households be better off under this? — The bill implements protections and disclosure requirements for retail investors participating in event contracts. Would business owners be better off under this? — The bill creates an Innovation Advisory Committee to facilitate communication between market operators and regulators.
- Economy And Finance
- Does this give people more protection from unfair business practices? — The bill establishes an Advisory Council on Consumer Protection and an Office of the Retail Advocate to protect retail investors.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill requires the Commission to publish reports and findings on a publicly available website.
- Social Issues And Justice
- Does this change how police departments operate? — The bill prohibits event contracts based on activity involving terrorism, assassination, war, or violence.
- 11/9/2026
- 1 Cosponsor added.
- 8/3/2026
- 1 Cosponsor added.
- 4/30/2026
- Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Kirsten GillibrandDemocrat · New York
Bernie MorenoRepublican · Ohio
Jeanne ShaheenDemocrat · New Hampshire