S. 4469

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4469 Introduced in Senate (IS)]

<DOC>

119th CONGRESS
2d Session
S. 4469

To amend the Commodity Exchange Act to modify provisions relating to 
event contracts, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

April 30, 2026

Mr. McCormick (for himself and Mrs. Gillibrand) introduced the 
following bill; which was read twice and referred to the Committee on 
Agriculture, Nutrition, and Forestry

_______________________________________________________________________

A BILL

To amend the Commodity Exchange Act to modify provisions relating to 
event contracts, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Prediction Market Act of 2026''.

SEC. 2. SPECIAL RULES RELATING TO EVENT CONTRACTS.

Section 5c of the Commodity Exchange Act (7 U.S.C. 7a-2) is 
amended--
(1) in subsection (c)(5)(C)--
(A) in the subparagraph heading, by striking 
``event contracts and'';
(B) by striking clauses (i), (ii), and (iv);
(C) in clause (iii), by striking the clause 
designation and heading and all that follows through 
``In connection'' in subclause (I) and inserting the 
following:
``(i) In general.--In connection'';
(D) by redesignating subclause (II) as clause (ii) 
and indenting appropriately; and
(E) in clause (ii) (as so redesignated), by 
redesignating items (aa) and (bb) as subclauses (I) and 
(II), respectively, and indenting appropriately; and
(2) by inserting after subsection (c) the following:
``(d) Special Rules Relating to Event Contracts.--
``(1) Definitions.--In this subsection:
``(A) Contingency.--The term `contingency' means an 
event or circumstance that may happen, but is not 
certain to occur, including the outcome of another 
event or circumstance.
``(B) Event contract.--The term `event contract' 
means a contract for the sale of a commodity for future 
delivery, option on such a contract, or swap based on 
one or more excluded commodities that is--
``(i) based upon an occurrence, extent of 
an occurrence, or contingency (other than a 
change in the price, rate, value, or levels of 
a commodity described in section 1a(19)(i)); 
and
``(ii) listed by a designated contract 
market or swap execution facility.
``(C) Occurrence.--The term `occurrence' means 
something that happens, such as an event, including the 
outcome of another event.
``(2) Review or approval of event contracts.--
``(A) In general.--In connection with the listing 
of event contracts by a designated contract market or 
swap execution facility, the Commission, on a case-by-
case basis, may determine that an event contract is 
contrary to the public interest if the event contract 
is based on an occurrence, extent of an occurrence, or 
contingency involving--
``(i) activity that is unlawful under any 
Federal or State law;
``(ii) terrorism;
``(iii) assassination;
``(iv) war;
``(v) violence;
``(vi) gaming; or
``(vii) other similar activity determined 
by the Commission to be contrary to the public 
interest.
``(B) Prohibition.--No event contract determined by 
the Commission to be contrary to the public interest 
under subparagraph (A) may be listed or made available 
for clearing or trading on or through a registered 
entity.
``(C) Public interest criteria.--
``(i) Criteria.--The Commission shall 
promulgate such rules and regulations as the 
Commission determines appropriate to specify 
the criteria for determining that event 
contracts based on the activities described in 
clauses (i) through (vii) of subparagraph (A) 
are contrary to the public interest.
``(ii) Public interest.--In the rules and 
regulations promulgated under clause (i), the 
Commission shall provide that an event contract 
is likely to be contrary to the public interest 
if the event contract materially encourages 
violence or similar unlawful activity.
``(iii) Public comment.--In promulgating 
rules and regulations under clause (i), the 
Commission shall provide not less than a 60-day 
public comment period.
``(D) Enhanced certification.--
``(i) Format of submissions.--The 
Commission shall prescribe by rule or 
regulation standardized requirements, as 
determined by the Commission, in addition to 
the requirements of subsection (c), for the 
format of written certifications of designated 
contract markets and swap execution facilities 
for new event contracts pursuant to subsection 
(c)(1) and for voluntary requests for prior 
approval for new event contracts pursuant to 
subsection (c)(4).
``(ii) Disclosure requirements.--The 
Commission shall prescribe by rule or 
regulation disclosure requirements relating to 
the material terms and conditions of event 
contracts that are reasonably designed to 
promote retail customer readability.
``(iii) Financial penalty.--
``(I) In general.--The Commission 
may prescribe by rule or regulation a 
financial penalty for a violation of 
clause (i).
``(II) Considerations.--In 
determining the amount of a financial 
penalty assessed under subclause (I), 
the Commission shall consider--
``(aa) the gravity of the 
violation; and
``(bb) similar previous 
violations committed by the 
designated contract market or 
swap execution facility.
``(III) Appeals.--If the Commission 
prescribes a financial penalty under 
subclause (I), the Commission shall 
establish a procedure for appealing 
such penalties, including in Federal 
courts.
``(3) Communications with the public.--
``(A) In general.--In connection with the offer of 
an event contract to a person that is not an eligible 
contract participant, a derivatives clearing 
organization shall not use any promotional material 
that--
``(i) is likely to deceive the public;
``(ii) contains any material misstatement 
or omission that makes the promotional material 
misleading;
``(iii) mentions the possibility of profit 
unless accompanied by an equally prominent 
discussion of the risk of loss;
``(iv) includes any reference to actual 
past trading profits without mentioning that 
past results are not necessarily indicative of 
future results;
``(v) includes any specific numerical or 
statistical information about the past 
performance of any actual account, unless 
permitted by the Commission by rule or 
regulation; or
``(vi) includes a testimonial that--
``(I) is not representative of all 
reasonably comparable investors;
``(II) does not prominently state 
that the testimonial is not indicative 
of future performance or success; and
``(III) if applicable, does not 
prominently state that it is a paid 
testimonial.
``(B) Rulemaking.--The Commission shall promulgate 
such rules or regulations as the Commission determines 
to be appropriate to carry out subparagraph (A), 
consistent with applicable standards for futures 
commission merchants, including--
``(i) relating to records to be made 
available for examination by the Commission; 
and
``(ii) applicable disciplinary actions or 
penalties for noncompliance with this 
paragraph.
``(4) Know your customer application.--
``(A) Anti-money laundering compliance program.--In 
connection with the offer of an event contract to a 
person that is not an eligible contract participant, a 
derivatives clearing organization shall have an anti-
money laundering compliance program in place in 
accordance with section 5318(h) of title 31, United 
States Code, which shall include--
``(i) internal policies, procedures, and 
controls reasonably designed to achieve 
compliance with subchapter II of chapter 53 of 
title 31, United States Code, and chapter 2 of 
title I of Public Law 91-508 (12 U.S.C. 1951 et 
seq.) (commonly known as the `Bank Secrecy 
Act') (including regulations promulgated under 
that subchapter and chapter);
``(ii) appointment of one or more 
individuals responsible for implementing and 
monitoring the program's day-to-day operations;
``(iii) an ongoing training program;
``(iv) independent testing;
``(v) appropriate risk-based procedures for 
conducting customer due diligence, including--
``(I) understanding the nature and 
the purpose of developing a customer 
risk profile; and
``(II) conducting ongoing 
monitoring to detect and report 
suspicious transactions and on a risk 
basis to maintain and update customer 
information, including identifying and 
verifying beneficial owners; and
``(vi) appropriate procedures to verify 
that individual customers have attained the age 
of 18 years.
``(B) Rulemaking.--The Commission shall promulgate 
such rules or regulations, with consideration of the 
application of the applicable core principles described 
in this Act, as the Commission determines to be 
appropriate to carry out subparagraph (A), including--
``(i) relating to records to be made 
available for examination by the Commission; 
and
``(ii) applicable disciplinary actions or 
penalties for noncompliance with this 
paragraph.
``(5) Funds.--
``(A) Segregation required.--In connection with the 
offer of an event contract to a person that is not an 
eligible contract participant and accessing a 
derivatives clearing organization as a direct clearing 
member, the Commission shall promulgate such rules or 
regulations as the Commission determines to be 
appropriate regarding the segregation of member funds 
from the derivatives clearing organization's own funds.
``(B) Customer communication.--A futures commission 
merchant, designated contract market, or swap execution 
facility shall disclose to event contract customers the 
relevant risks of loss or potential delay in access to 
the funds and assets.
``(C) Default fund.--For default management 
purposes, a derivatives clearing organization shall 
treat funds held for members and customers solely 
trading fully collateralized contracts separately from 
funds held for members and customers trading leveraged 
contracts.
``(D) Rulemaking.--The Commission shall promulgate 
such rules or regulations as the Commission determines 
to be appropriate to carry out subparagraphs (B) and 
(C).
``(6) Advisory council on consumer protection.--
``(A) Establishment.--Not later than 90 days after 
the date of enactment of the Prediction Market Act of 
2026, the Chairman of the Commission shall establish 
the Advisory Council on Consumer Protection (referred 
to in this paragraph as the `Advisory Council').
``(B) Chair and vice-chair.--The Chairman of the 
Commission shall appoint a Chair and Vice-Chair of the 
Advisory Council from among the members of the Advisory 
Council.
``(C) Mission.--The mission of the Advisory Council 
shall be--
``(i) to provide a forum for regular 
communication and analysis related to retail 
investor participation in derivatives markets;
``(ii) to encourage discussions relating to 
consumer protection regarding event contract 
markets and related markets; and
``(iii) to develop recommendations to 
ensure that markets promote customer 
protection, market integrity, and responsible 
participation.
``(D) Membership.--The Advisory Council shall be 
composed of 15 members, who shall be appointed by the 
Chairman of the Commission and shall include--
``(i) the Retail Advocate described in 
paragraph (7)(C);
``(ii) not fewer than 3 State attorneys 
general;
``(iii) subject matter experts in 
behavioral science and health, financial risk, 
and consumer finance; and
``(iv) representatives of--
``(I) the Office of Customer 
Education and Outreach;
``(II) the Department of Justice;
``(III) State and local law 
enforcement;
``(IV) State and local regulatory 
agencies, as appropriate;
``(V) market operators; and
``(VI) market participants.
``(E) Duties.--The duties of the Advisory Council 
shall include--
``(i) meeting not less frequently than once 
every 120 days, in a manner to be determined by 
the Chairman of the Commission, to provide 
independent advice and recommendations to the 
Commission and Congress;
``(ii) identifying policies to promote 
retail customer protection and specific gaps in 
investor protections for retail customers;
``(iii) assessing the viability of a self-
exclusion program, which would allow a customer 
to be voluntarily prohibited from entering into 
an event contract;
``(iv) assessing the viability of a program 
to implement voluntary deposit and trade 
limits;
``(v) reviewing the considerations of the 
retail customer profile, including age, income, 
and behavioral vulnerabilities, when assessing 
investor protection;
``(vi) studying behavioral prompts and 
marketing features designed to engage customers 
in connection with the offer of an event 
contract;
``(vii) reviewing the effectiveness of 
existing legal or regulatory recommendations to 
improve customer protections in connection with 
the offer of an event contract; and
``(viii) evaluating the design, 
accessibility, and use of mobile applications, 
smartphones, and other personal electronic 
devices in connection with the offer of event 
contracts.
``(F) Reports.--The Advisory Council shall--
``(i) not later than 180 days after the 
date of enactment of the Prediction Market Act 
of 2026, submit to Congress an initial report 
with analysis and recommendations regarding 
matters studied under subparagraph (E), which 
shall include consumer protection, market 
integrity, investor profile, marketing 
features, and other related topics; and
``(ii) twice each year thereafter, submit 
to Congress a report containing findings, and 
recommendations for legislation, regulations, 
and oversight, relating to the matters studied 
under subparagraph (E).
``(G) Review by commission.--The Commission shall--
``(i) review the findings and 
recommendations of the Advisory Council; and
``(ii) make publicly available a report 
containing an assessment by the Commission of 
any findings and recommendations of the 
Advisory Council.
``(7) Office of the retail advocate.--
``(A) Definitions.--In this paragraph:
``(i) Chairman.--The term `Chairman' means 
the Chairman of the Commission.
``(ii) Office.--The term `Office' means the 
Office of the Retail Advocate established by 
subparagraph (B).
``(iii) Retail participant.--The term 
`retail participant' means a person that--
``(I) is not an eligible contract 
participant; and
``(II) is participating in a 
designated contract market.
``(B) Office established.--There is established 
within the Commission the Office of the Retail 
Advocate.
``(C) Retail advocate.--
``(i) In general.--The Retail Advocate 
shall--
``(I) report directly to the 
Commission; and
``(II) be appointed by the Chairman 
from among individuals with experience 
in advocating for the interests of 
retail participants.
``(ii) Compensation.--The annual rate of 
pay for the Retail Advocate shall be equal to 
the highest rate of annual pay for other senior 
executives who report to the Chairman.
``(D) Functions of the retail advocate.--The Retail 
Advocate shall--
``(i) assist retail participants in 
resolving significant problems relating to 
transactions;
``(ii) analyze the potential impact on 
retail participants of proposed regulations of 
the Commission;
``(iii) to the extent practicable, propose 
to the Commission changes in the regulations or 
orders of the Commission that may be 
appropriate to promote the interests of retail 
participants;
``(iv) conduct research to identify and 
understand issues that affect retail 
participants; and
``(v) operate with and provide assistance 
to the Office of Customer Education and 
Outreach to conduct initiatives and outreach 
for retail participants.
``(E) Access to documents.--
``(i) In general.--At the discretion of the 
Chairman, the Retail Advocate shall have full 
access to the documents of the Commission as 
necessary to carry out the functions of the 
Office.
``(ii) Effect.--Nothing in this 
subparagraph authorizes the Retail Advocate, or 
staff of the Office, to have access to, or to 
release publicly or internally within the 
Commission, proprietary or sensitive market 
data, including data and information that would 
separately disclose the business transactions 
or market positions of any person and trade 
secrets or names of customers, consistent with 
section 8.
``(iii) Policies and procedures.--The 
Office shall establish and make public on the 
website of the Commission policies and 
procedures to safeguard the confidentiality of 
any documents the Retail Advocate or staff of 
the Office has access to.
``(F) Annual report on objectives and activities.--
``(i) In general.--Not later than September 
30 of each year, the Retail Advocate shall 
submit to Congress a report describing the 
objectives and activities of the Retail 
Advocate for the following fiscal year.
``(ii) Contents.--Each report required 
under clause (i) shall include--
``(I) appropriate statistical 
information and full and substantive 
analysis;
``(II) information on steps that 
the Retail Advocate has taken during 
the reporting period to improve--
``(aa) services to and 
communication with retail 
participants; and
``(bb) the responsiveness 
of the Commission;
``(III) a summary of the most 
serious problems reported to the Office 
or the Commission by retail 
participants during the reporting 
period;
``(IV) an inventory of the items 
described in subclause (III) that 
includes--
``(aa) identification of 
any action taken by the 
Commission and the result of 
that action;
``(bb) the period of time 
that each item has remained on 
the inventory; and
``(cc) for items with 
respect to which no action has 
been taken, the reasons for 
inaction, and an identification 
of any official who is 
responsible for the action;
``(V) recommendations for such 
administrative and legislative actions 
as may be appropriate to resolve 
problems encountered by retail 
participants; and
``(VI) any other information, as 
determined appropriate by the Retail 
Advocate.
``(iii) Confidentiality.--No report 
required under clause (i) may contain 
confidential information.
``(G) Ombudsman.--
``(i) Appointment.--Not later than 180 days 
after the date on which the first Retail 
Advocate is appointed under subparagraph 
(C)(i)(II), the Retail Advocate shall appoint 
an Ombudsman, who shall report directly to the 
Retail Advocate.
``(ii) Duties.--The Ombudsman appointed 
under clause (i) shall--
``(I) act as a liaison between the 
Commission and any retail participant 
in resolving problems the retail 
participant may have with the 
Commission;
``(II) review and make 
recommendations regarding policies and 
procedures to encourage persons to 
present questions to the Retail 
Advocate regarding compliance with this 
Act; and
``(III) establish safeguards to 
maintain the confidentiality of 
communications between the persons 
described in subclause (II) and the 
Ombudsman.
``(iii) Limitation.--
``(I) Personnel.--In carrying out 
the duties of the Ombudsman under 
clause (ii), the Ombudsman shall 
utilize personnel of the Commission, to 
the extent practicable.
``(II) Effect.--Nothing in this 
clause shall be construed as replacing, 
altering, or diminishing the activities 
of any ombudsman or similar office of 
any other agency.
``(iv) Report on activities.--
``(I) In general.--The Ombudsman 
shall submit to the Retail Advocate an 
annual report that describes the 
activities and evaluates the 
effectiveness of the Ombudsman during 
the preceding 1-year period.
``(II) Submission.--The Retail 
Advocate shall include the report 
required under subclause (I) in the 
reports required to be submitted by the 
Retail Advocate under subparagraph (F).
``(8) Rule of construction.--Nothing in this subsection may 
be construed to affect--
``(A) the ability of a State to investigate and 
bring enforcement actions under this Act, including 
pursuant to section 6d; or
``(B) the jurisdiction of the Commission described 
in section 2(a)(1)(A).''.

SEC. 3. INSIDER TRADING AND MANIPULATION.

(a) Prohibition on Members of Congress Trading Event Contracts.--
Section 4c(a)(3) of the Commodity Exchange Act (7 U.S.C. 6c(a)(3)) is 
amended--
(1) by striking ``under section 2 of the STOCK Act)'' each 
place it appears and inserting ``in section 2 of the STOCK Act 
(5 U.S.C. 13101 note; Public Law 112-105))'';
(2) by redesignating subparagraphs (A) through (C) as 
clauses (i) through (iii), respectively, and indenting 
appropriately;
(3) in the matter preceding clause (i) (as so 
redesignated), by striking ``It shall'' and inserting the 
following:
``(A) In general.--It shall''; and
(4) by adding at the end the following:
``(B) Prohibition on members of congress and 
executive branch officials trading event contracts.--It 
shall be unlawful for any Member of Congress (as 
defined in section 2 of the STOCK Act (5 U.S.C. 13101 
note; Public Law 112-105)), the President, the Vice 
President, or any officer or employee described in 
sections 5312 through 5316 of title 5, United States 
Code, to enter into an event contract (as defined in 
section 5c(d)(1)).''.
(b) Rules or Regulations.--The Commodity Futures Trading Commission 
(referred to in this section as the ``Commission'') shall promulgate 
such rules or regulations as the Commission determines to be 
appropriate to carry out the amendments made by subsection (a).
(c) Review of Insider Trading.--The Commission shall--
(1) determine whether the rules and regulations of the 
Commission relating to insider trading should be revised or 
updated to require designated contract markets, swap execution 
facilities, and futures commission merchants to establish 
enhanced measures reasonably designed to detect and deter 
insider trading involving event contracts (as defined in 
subsection (d)(1) of section 5c of the Commodity Exchange Act 
(7 U.S.C. 7a-2)); and
(2) implement any relevant revisions or updates resulting 
from the determination under paragraph (1).
(d) Financial Literacy.--The Commission shall conduct, through the 
Office of Customer Education and Outreach, financial literacy and 
customer education activities specific to retail investor activity 
related to event contracts (as defined in subsection (d)(1) of section 
5c of the Commodity Exchange Act (7 U.S.C. 7a-2)).

SEC. 4. INNOVATION ADVISORY COMMITTEE.

Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is 
amended by adding at the end the following:
``(16) Innovation advisory committee.--
``(A) In general.--There is established the 
Innovation Advisory Committee (referred to in this 
paragraph as the `Committee')--
``(i) to facilitate discussion and 
communication on matters of concern to 
exchanges, firms, end-users, and regulators 
regarding innovation in the derivatives and 
commodity market and the regulation of those 
markets by the Commission; and
``(ii) to advise the Commission on the 
matters described in clause (i).
``(B) Members.--The Commission shall appoint 
members to the Committee with a wide diversity of 
opinions relating to the matters described in 
subparagraph (A)(i) and who represent a broad spectrum 
of interests, including--
``(i) market makers;
``(ii) derivative end-users;
``(iii) futures commission merchants; and
``(iv) market operators.
``(C) Activities.--The Committee shall--
``(i) conduct public meetings at such 
intervals as are necessary to carry out the 
functions of the Committee, but not less 
frequently than 2 times per year;
``(ii) submit reports and recommendations 
to the Commission; and
``(iii) otherwise facilitate discussion and 
communication on the matters described in 
subparagraph (A)(i).
``(D) Terms.--Members of the Committee shall be 
appointed to 3-year terms, but may be removed for cause 
by vote of the Commission.
``(E) Reimbursements.--A member of the Committee 
shall be allowed travel expenses, including per diem in 
lieu of subsistence, at rates authorized for employees 
of agencies under subchapter I of chapter 57 of title 
5, United States Code, while away from their homes or 
regular places of business in the performance of 
services for the Committee.
``(F) Chapter 10 of title 5, united states code.--
The Committee shall not be subject to chapter 10 of 
title 5, United States Code.
``(G) Termination.--The Commission may terminate 
the Committee if the Commission determines that such 
termination is appropriate.''.

SEC. 5. STUDIES.

(a) Definitions.--In this section:
(1) Commission.--The term ``Commission'' means the 
Commodity Futures Trading Commission.
(2) Event contract.--The term ``event contract'' has the 
meaning given the term in subsection (d)(1) of section 5c of 
the Commodity Exchange Act (7 U.S.C. 7a-2).
(b) Study on Event Contracts.--
(1) Study.--The Commission shall conduct a study on event 
contracts that includes--
(A) the size and structure of event contract 
markets;
(B) the growth of event contract listings by 
contract markets designated under the Commodity 
Exchange Act (7 U.S.C. 1 et seq.) and swap execution 
facilities (as defined in section 1a of that Act (7 
U.S.C. 1a));
(C) the characteristics of the market structure and 
liquidity formation in event contracts related to--
(i) weather;
(ii) technology;
(iii) science;
(iv) economics;
(v) government data;
(vi) cultural events;
(vii) political events;
(viii) sports; or
(ix) a particular word or phrase to be 
potentially mentioned by one or more persons in 
an oral or written statement, speech, briefing, 
address, or other form of communication;
(D) the types of trader or intermediary conduct 
unique to event contracts and markets that should be 
closely monitored or given special consideration; and
(E) the provisions of the Commodity Exchange Act (7 
U.S.C. 1 et seq.) that prohibit fraud, manipulation, 
disruptive trading, or other similar conduct and apply 
to activities outside the United States related to 
event contracts.
(2) Report.--Not later than 1 year after the date of 
enactment of this Act, the Commission shall submit to Congress 
and publish on a publicly available website of the Commission a 
report on the findings of the study required under paragraph 
(1).
(c) Joint Securities and Exchange Commission and Commodity Futures 
Trading Commission Study.--
(1) Study.--The Securities and Exchange Commission and the 
Commission shall conduct a joint study on event contracts that 
includes--
(A) the nature of event contracts that could be in 
the jurisdiction of the Securities and Exchange 
Commission;
(B) the harmonization efforts of the Securities and 
Exchange Commission and the Commission relevant to 
event contracts; and
(C) the nature, size, role, and use of 
decentralized blockchain applications to offer event 
contracts.
(2) Report.--Not later than 15 months after the date of 
enactment of this Act, the Commission shall submit to Congress 
and publish on a publicly available website of the Commission a 
report on the findings of the study required under paragraph 
(1).

SEC. 6. AUTHORIZATION OF APPROPRIATIONS; FUNDING FOR EVENT CONTRACT 
OVERSIGHT.

(a) In General.--There is authorized to be appropriated to the 
Commodity Futures Trading Commission $30,000,000 for each fiscal year 
of 2027 through 2031, to remain available until expended, for the 
purposes of--
(1) implementing this Act and the amendments made by this 
Act; and
(2) developing policies, rules, and guidance relating to 
event contracts.
(b) Use of Funds.--Amounts made available pursuant to subsection 
(a) may be used for--
(1) oversight, supervision, and enforcement of event 
contract markets;
(2) rulemakings, reviews, and determinations required under 
subsection (d) of section 5c of the Commodity Exchange Act (7 
U.S.C. 7a-2);
(3) the studies and reports required under section 5;
(4) the establishment and operation of the Office of the 
Retail Advocate under subsection (d)(6) of section 5c of the 
Commodity Exchange Act (7 U.S.C. 7a-2); and
(5) the development of technological, surveillance, and 
data analysis capabilities of the Commodity Futures Trading 
Commission.
(c) Definition of Event Contract.--In this section, the term 
``event contract'' has the meaning given the term in subsection (d)(1) 
of section 5c of the Commodity Exchange Act (7 U.S.C. 7a-2).
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