Democratic lawmakers have introduced the "BETS OFF Act" (Prohibiting Insider Trading Act), aimed at banning insider trading in prediction markets, particularly targeting sensitive events where outcomes are already known in advance, such as military operations. The bill is led by Senator Chris Murphy and Representative Greg Casar, and seeks to respond to reports of suspicious betting before U.S. military actions. The bill aims to prohibit betting on any events with controllable or pre-determined outcomes, with scope extending even to areas such as awards ceremonies. Previously, similar legislative efforts have been undertaken to address market manipulation issues.