Proposed bill seeks to ban US president, Congress from prediction markets

The bill adds to a wave of recent legislative and state-level actions targeting prediction markets as scrutiny over sports betting, war contracts and alleged insider trading builds.

US lawmakers have introduced a bill aiming to ban members of the US Congress, the president and other high-ranking government officials from wagering on prediction markets.

The proposed bill, a bipartisan effort from US Representative Adrian Smith and Representative Nikki Budzinski, was introduced on Tuesday and is called the Preventing Real-time Exploitation and Deceptive Insider Congressional Trading Act (PREDICT Act).

"In recent months, we've seen instances of little-known traders making massive profits on events ranging from war with Iran to how long a government shutdown will last, raising necessary questions about the use of inside information," Budzinski said.

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