H.R. 7955: Banning Event Trading on Sensitive Operations and Federal Functions Act

This bill, titled the Banning Event Trading on Sensitive Operations and Federal Functions Act, aims to prohibit individuals from placing or accepting wagers on certain events designated as "specified events." These specified events include:

• An act of terrorism
• An assassination
• A war
• Any event primarily characterized by an outcome controlled by a government entity or individual, where the outcome is not financial, commercial, or economic in nature, and is either known in advance by any person or fully within the control of any person.

Key Provisions

The bill explicitly makes it unlawful for any person to:

• Place a wager on a specified event
• Accept a wager on a specified event
• Facilitate the placement or acceptance of a wager on a specified event

Enforcement and Civil Actions

Under this legislation, the Attorney General is empowered to bring civil actions against individuals or entities that violate the prohibition on wagering concerning specified events. These civil actions would aim to secure injunctions to prevent further violations.

Amendments to Existing Laws

The bill includes amendments to various sections of U.S. law, specifically related to gambling and racketeering, to incorporate the new prohibitions as outlined in this act. This includes:

• Updating definitions around illegal gambling businesses to include those related to specified events.
• Clarifying funding restrictions for unlawful internet gambling that includes the new prohibitions.
• Prohibiting agreements or transactions involving specified events from being listed or traded on registered exchanges.

Severability and Effective Date

The bill contains a severability clause, meaning if any part of the act is deemed unconstitutional, the rest will still remain in effect. It is set to take effect 30 days after its enactment.

Relevant Companies

• None found