This bill amends the Commodity Exchange Act to prohibit certain event contracts on prediction markets . Specifically, it bans agreements, contracts, transactions, or swaps involving matters such as political elections or contests, actions taken by any branch of the U.S. government, sporting events, and military actions by any country. This aims to prevent a federal regulatory structure that permits gambling on these sensitive areas. An exception is made for contracts related to U.S. government actions if they are used for hedging or mitigating commercial risk . The bill also includes a sense of Congress emphasizing that the Commodity Futures Trading Commission should prohibit agreements not used for hedging. Furthermore, it mandates a GAO study on prediction markets, including insider trading, impacts on young adults, other types of prediction markets not currently prohibited, and means to address illegal acts in foreign and domestic markets.