US Lawmakers Introduce Bill to Ban Officials from Prediction Market Betting

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US lawmakers have introduced a new bipartisan bill aimed at preventing government officials from betting on prediction markets tied to political events and policy decisions. The proposed PREDICT Act would apply to members of Congress, the president, vice president, and even their families, addressing concerns that insiders could profit from non-public information.

The move comes after reports of traders making large profits from well-timed bets on geopolitical and political outcomes. If passed, the bill would impose financial penalties and force any profits to be returned to the US Treasury. Lawmakers say the goal is simple: close loopholes and restore trust by ensuring those with privileged information cannot financially benefit from it.

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love how this only becomes a problem once it’s visible on prediction markets