[Congressional Record Volume 172, Number 49 (Wednesday, March 18, 2026)]
[House]
[Pages H2587-H2589]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
{time} 1800
REINING IN OUT-OF-CONTROL PREDICTION MARKETS
(Under the Speaker's announced policy of January 3, 2025, Mr. Moore
of Utah was recognized for 60 minutes as the designee of the majority
leader.)
General Leave
Mr. MOORE of Utah. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days in which to revise and extend their
remarks and include extraneous material on the topic of this Special
Order.
[[Page H2588]]
The SPEAKER pro tempore (Mr. Rulli). Is there objection to the
request of the gentleman from Utah?
There was no objection.
Mr. MOORE of Utah. Mr. Speaker, I am glad to be joined by my
colleague this evening. Before I provide my remarks, I yield such time
as he may consume to the gentleman from Florida (Mr. Haridopolos).
Honoring Captain Ted Kimmey, Veteran of the Month
Mr. HARIDOPOLOS. Mr. Speaker, I rise today to recognize Captain Ted
Kimmey, who served in the United States Army and has been selected as
Brevard County's Veteran of the Month.
Captain Kimmey served our Nation honorably, rising to the rank of
captain before his honorable discharge from the Army.
Like so many veterans, Captain Kimmey answered the call to serve
during a critical time in our country and handled himself with
professionalism and integrity.
After his military service, Captain Kimmey continued to exemplify the
values of service and civic responsibilities at our home in Brevard
County.
Mr. Speaker, it is because of veterans like Ted Kimmey that our
Nation remains strong and free. I am honored to recognize his service
and thank him on behalf of a grateful nation.
Honoring Veteran Dr. Jason Comerford
Mr. HARIDOPOLOS. Mr. Speaker, I rise today to recognize Dr. James
Comerford, a servant leader whose life reflects a deep commitment to
our country, community, and public service.
Dr. Comerford retired as a captain in the United States Army after
serving 25 years. During his career, he served as company commander,
brigade medical officer, and U.S. Army combatives instructor, earning
numerous commendations along the way.
Following his service, Dr. Comerford continued to serve as a college
professor, collegiate chiropractor, and mentor to young students across
our community, especially at-risk students.
Today, he serves as the associate coach and team doctor for Palm Bay
athletics and operates a chiropractic practice that provides care to
veterans throughout the VA Community Care Network.
Now, in his third year as chairman of the Florida Board of
Chiropractic Medicine, Dr. Comerford continues to lead with integrity.
He embodies the Army's core values every single day.
I thank Dr. Comerford and his family for their sacrifice and service
to our community.
Protecting Indian River Lagoon
Mr. HARIDOPOLOS. Mr. Speaker, I rise today to share important news
for the families of Florida's Space Coast.
Through the recent appropriations package, I was proud to help secure
nearly $14 million to improve water quality projects and protect the
long-term health of the Indian River Lagoon.
The lagoon is one of the most biologically diverse estuaries in North
America. It supports wildlife, sustains local fisheries, drives
tourism, and anchors the quality of life for all of us in Brevard
County.
In recent years, harmful algal blooms and water quality challenges
have threatened this vital ecosystem.
This funding will support restoration efforts, strengthen habitat
protection, and advance projects that reduce nutrient pollution that
has entered the lagoon.
The Indian River Lagoon is more than just a waterway. It is essential
to our life on the Space Coast.
I will continue working on this project and many more to make sure
that our quality of life stays high. Thanks to the work of the
Congress, we are able to give the funding necessary to keep this
national treasure in place.
Recognizing Holy Trinity's Class 2A Soccer State Championship
Mr. HARIDOPOLOS. Mr. Speaker, I rise today to congratulate Holy
Trinity Episcopal Academy boys' soccer team on winning the Class 2A
State soccer championship.
With discipline, resilience, and relentless effort, these student
athletes earned the State championship as a testament to their
commitment on and off the field.
This victory belongs not just to the players, but also to the
coaches, the families, and the community who supported them every step
of the way.
Championships are built through long practices, strong leadership,
and a belief in one another. This is one great example of just that.
The Space Coast takes pride in its student athletes, and this team
has given our community a moment to celebrate. Their success represents
the strength of high school athletics and the character it builds in
young leaders.
Mr. Speaker, I congratulate Holy Trinity on an outstanding season and
a well-earned State soccer title.
Supporting America's Commitment to Space
Mr. HARIDOPOLOS. Mr. Speaker, I rise in support of the NASA
Reauthorization Act of 2026, bipartisan legislation that affirms
America's commitment to exploration, innovation, and leadership in
space.
The bill reauthorizes NASA's priorities for lunar and Mars missions,
strengthens our presence in low Earth orbit, and encourages scientific
and commercial partnerships that expand our capabilities and grow our
economy.
Working through the House Committee on Science, Space, and
Technology, led by Dr. Babin, we have emphasized continuity, strategic
investments, and maintaining the U.S. competitiveness in space, making
sure we stay number one in space. As the President said: ``You can't be
number one on Earth if you are number two in space.''
This legislation supports exploration and innovation, uplifts STEM
education, and solidifies America's role at the forefront of discovery
for generations to come.
As an original cosponsor of this bill, I am proud to stand with
colleagues on both sides of the aisle to advance these goals and defend
our Nation's legacy of space leadership.
Mr. MOORE of Utah. Mr. Speaker, I thank the gentleman from Florida.
He has a clear passion for his State and the ways that he is going to
support it.
I have taken my young son to Cape Canaveral before, and after going
on a cruise, which we were fortunate to go on, we literally went to the
cape. I think, even after the cruise, Cape Canaveral that afternoon was
one of the most fascinating experiences for him, a unique place.
Utah's First District is actually a leader in space as well, with
Thiokol of olden days, now Northrop Grumman. We do a lot of amazing
work with--I think it is Houston, areas in Florida, Utah, and
Huntsville, Alabama, that are big on this.
Mr. Speaker, again, I thank him for his support and great work.
Mr. Speaker, I thank you today for this time to be able to talk a
little bit about a really important piece of legislation that I have
put forward. It is a proposal for a solution to what I think many have
considered out-of-control prediction markets.
Just hours before the United States military strikes in Iran, more
than 150 accounts made investments of over $1,000 in event contracts
based on the timing of the strikes, with six traders together making
over $1.2 million.
In traditional betting, an individual places a wager on an outcome
with odds set by a bookmaker that determines the winnings. In a
prediction market, a trader buys shares in an outcome of an event.
There are no odds, and share prices fluctuate based on market
responses, allowing investors to turn a profit if they sell high or if
their chosen outcome proves correct.
Our classified military strikes should not provide an opportunity for
bettors to play or profit. Underregulated prediction markets have
exposed America to needless public safety and national security risks
by allowing traders to invest in outcomes related to sensitive matters
like terrorism, assassination, war, or elections.
This nonpartisan issue has spiraled out of control, and Congress
needs to pass legislation to require enforcement.
Congress previously included a subtle provision in the Commodity
Exchange Act that preempts State regulation on betting when it is
offered through event contracts. This loophole has opened a door to
gambling on anything from Taylor Swift's appearance at a Kansas City
Chiefs game to when the United States might launch a strike on Cuba.
Sports betting is illegal in 19 States, but prediction markets, like
Kalshi or
[[Page H2589]]
Polymarket, avoid State regulation through this loophole. Rather than
offering betting services, they sell event contracts, a legacy
financial instrument with payouts based on the outcomes of real-world
events.
Again, this is a loophole for a legitimate financial tool that has
existed for decades, maybe even centuries, but they are using this as a
loophole to allow for betting in all States.
In January, one investor netted over $400,000 on Nicolas Maduro's
fall from power, making the timely purchase just before President Trump
announced the deposed leader's capture. Prediction market Kalshi claims
that, legally, this is investing, not gambling.
I introduced H.R. 7840, the bipartisan Event Contract Enforcement
Act, to address these concerns and put an end to reckless event-based
gambling. This bill strengthens existing law, requiring the CFTC to
prohibit event contracts related to terrorism, assassination, war,
gaming, or criminal behavior.
The bill also bans trading on election outcomes and government
activities to protect our elections from manipulation and insulate the
government from insider trading opportunities.
This nonpartisan issue ensures event contracts can continue to serve
in legitimate business interests while also protecting Americans from
risk. I am looking forward to moving it through the legislative
process.
Mr. Speaker, I yield back the balance of my time.
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