US Lawmakers Propose PREDICT Act to Ban President and Congress Members from Participating in Prediction Markets

Odaily News US lawmakers have proposed the "PREDICT Act," which aims to prohibit the President, members of Congress, and other senior government officials from participating in prediction market trading. The bill, jointly introduced by Adrian Smith and Nikki Budzinski, seeks to restrict the use of insider information to engage in prediction activities related to political events or policy outcomes, and extends its scope to include the spouses and dependents of the relevant individuals. The bill also proposes imposing a fine of 10% of the total contract value for violations and confiscating all proceeds to be turned over to the U.S. Treasury. (Cointelegraph)