Several U.S. Democrats Support Bill to Ban Government Officials from Participating in Political Prediction Market Betting

Odaily News: New York Representative Ritchie Torres formally introduced a legislative proposal on Friday titled the "Public Integrity in Financial Prediction Markets Act of 2026." The bill, supported by 30 Democrats including former House Speaker Nancy Pelosi, aims to prohibit elected officials, political appointees, executive branch employees, and congressional staff from using material information obtained through their positions to bet on government policies, government actions, or political outcomes in prediction markets.

Previously, a Polymarket user profited $400,000 by betting that former Venezuelan President Nicolás Maduro would step down by the end of this month, raising concerns about insider trading in the market. Ritchie Torres stated that it is necessary to prohibit government insiders from profiting through prediction markets to prevent individuals from being motivated to influence related policies for their own benefit. The bill is currently seeking support from Republicans. (The Block)