Sens. Dave McCormick, R-Pa., and Kirsten Gillibrand, D-N.Y., introduced legislation Thursday that would strengthen the Trump administration’s claim of federal jurisdiction over prediction markets by creating a new regulatory framework.

The bill, shared first with Semafor, comes as Commodity Futures Trading Commission Chair Mike Selig argues in courts across the country that his agency should regulate the markets as derivatives exchanges, taking authority from states that want to treat them like casinos.

The proposal would specifically define terms like event contracts while also requiring exchanges to implement safeguards against advertising, illicit finance, and fund segregation.

It would ban lawmakers and administration officials from trading and create an Office of the Retail Advocate, as well as a consumer protection council and innovation committee, at CFTC.

“This legislation gives these markets the clear rules they need to grow responsibly [and] protects everyday investors,” McCormick said.