Background

Syria has been embroiled in a complex civil war since 2011. Recent developments include the overthrow of Assad's government and the emergence of new leadership under Hayat Tahrir al-Sham (HTS), an Islamist group that has announced plans for a transitional government and free elections. The country faces significant challenges in establishing stability and governance while managing various ethnic, religious, and political factions.

Resolution Criteria

Markets will resolve based on the following criteria as of December 31, 2026:

Secular: Resolves YES if Syria's constitution and legal system explicitly separate religion from state governance. Resolves NO if Islamic law remains a primary source of legislation or if religion plays a formal role in government.

Democratic: Resolves YES if Syria has held internationally recognized free elections and established democratic institutions with meaningful civilian participation. Resolves NO if authoritarian rule persists or if elections are widely considered fraudulent.

Split into multiple states: Resolves YES if Syria formally divides into two or more internationally recognized sovereign states. De facto territorial control by different groups does not count - formal recognition of each entities by two or more other states is required.

Genocide: Resolves YES if the UN, International Criminal Court, ICJ, or three or more G7 nations officially declare that genocide is occurring or has occurred in Syria between now and 2026. An ICJ case opened counts as yes, so long as the formal definition of genocide is clearly met. Mass killings that don't meet the formal definition of genocide resolve NO.

Considerations

• The transition from authoritarian rule to democracy has historically been challenging in the region

• HTS's leadership represents a significant shift, but their commitment to secular democracy remains uncertain

• International recognition will be crucial for determining the status of any potential new states

• The risk of sectarian violence remains high during this transition period

To avoid bias, I will not bet on this market.