According to ChainCatcher, US lawmakers have introduced the "PREDICT Act," which proposes 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, aims to restrict the use of insider information to predict the outcomes of political events or policies, and extends its scope to the spouses and dependents of those involved. The bill also proposes a penalty of 10% of the total contract value for violations, and the confiscation of all proceeds to the U.S. Treasury.
