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U.S. lawmakers introduce the PREDICT Act, proposing to ban members of Congress and the President from participating in prediction market trading.
Deep Tide TechFlow News, March 26 — According to Cointelegraph, U.S. bipartisan lawmakers Adrian Smith and Nikki Budzinski jointly introduced the “Preventing Real-time Exploitation and Deceptive Insider Trading Act” (PREDICT Act), which aims to prohibit members of Congress, the President, Vice President, and political appointees from trading on prediction markets regarding political events, policy decisions, and government actions. The ban also applies to their spouses and dependents.
Violations will be penalized with a 10% fine of the total contract value, and all profits will be confiscated and turned over to the U.S. Treasury.
The bill was proposed amid recent legislative and regulatory scrutiny of prediction markets. Budzinski stated that there have been multiple cases of unknown traders making huge profits from events like the Iran war and government shutdown, raising concerns about the use of insider information. Earlier this month, Democratic lawmakers introduced another bill called BET S OFF Act, and Senator Chris Murphy also accused individuals of using insider information to bet on Trump’s military actions.