This bill aims to reaffirm the Commodity Futures Trading Commission's (CFTC) authority to oversee and enforce prohibited activities within prediction markets. It specifically defines a "prediction market contract" as any financial instrument, contract, or derivative offered by a platform in interstate commerce that is tied to the occurrence or non-occurrence of a future event. The legislation mandates that sections 4(c) and 6(c) of the Commodity Exchange Act, which address illegal trading practices, will now explicitly apply to transactions occurring in relation to these prediction market contracts. This measure is designed to ensure that the CFTC can effectively regulate and prevent illicit activities, such as insider trading or market manipulation, within the evolving landscape of prediction markets.