The call follows reports that prediction platform Polymarket accepted more than $1.2 million in wagers on California’s deadly Palisades and Eaton fires in January 2025, which killed 31 people and destroyed more than 16,000 buildings.

In a letter to CFTC chair Michael Selig, the senators said: “Offering bets on destructive wildfires threatens to minimize communities’ suffering all so the rich and powerful can profit.”

They warned that wildfire contracts could tempt people to commit arson or interfere with firefighting efforts to influence betting outcomes.

The lawmakers have asked the CFTC to consider banning wildfire event contracts, assess whether they serve the public interest, and outline any planned enforcement action against such markets.