US lawmakers have introduced the PREDICT Act, which aims to ban the president and members of Congress from participating in prediction markets.

U.S. lawmakers have introduced the "PREDICT Act," which would prohibit the president, members of Congress, and other senior government officials from participating in prediction market trading. The bill, co-introduced by Adrian Smith and Nikki Budzinski, aims to restrict the use of insider information to predict political events or policy outcomes, 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 profits to be turned over to the U.S. Treasury. (Cointelegraph)