U.S. lawmakers have introduced the PREDICT Act, which would prohibit the president and members of Congress from participating in prediction markets

Svmuu News: U.S. lawmakers have introduced the PREDICT Act, which would prohibit the president, members of Congress, and other high-ranking government officials from participating in prediction markets. Jointly sponsored by Adrian Smith and Nikki Budzinski, the bill aims to restrict the use of insider information in prediction activities related to political events or policy outcomes, and extends these restrictions to the spouses and family members of those involved. The bill also proposes fines of 10% of the total contract value for violations, with all proceeds to be confiscated and remitted to the U.S. Treasury. (Cointelegraph)