US Lawmakers Propose PREDICT Act to Restrict Officials from Prediction Markets

US lawmakers have introduced the PREDICT Act, a bipartisan initiative aimed at prohibiting top US officials from participating in prediction markets. According to NS3.AI, the proposed legislation seeks to impose a 10% fine on the contract value for violations. The bill also extends its restrictions to include the spouses and dependents of these officials. This move comes amid increasing scrutiny over contracts related to politics, war, and sports.