This bill amends the Commodity Exchange Act to prohibit the listing or trading of specific types of event contracts on prediction markets, aiming to prevent a federal regulatory structure that permits gambling. It bans agreements, contracts, transactions, or swaps related to political elections or contests , sporting events , and military actions by any country. The legislation also prohibits contracts concerning actions taken by the executive, legislative, or judicial branches of the United States, though it includes a crucial exception for those used for hedging or mitigating commercial risk . A Sense of Congress provision reinforces that the Commodity Futures Trading Commission should prohibit contracts not used for hedging, and clarifies that the Act does not preempt state gambling laws. Additionally, the bill mandates a Government Accountability Office (GAO) study within 60 days of enactment to examine prediction markets. This study will investigate issues such as insider trading impacts on individuals aged 18 to 20 years old other prediction market types that could facilitate gambling means to address illegal acts in both foreign and domestic markets , with a public report and recommendations to Congress on preserving market integrity.