US Rep. Torres to introduce bill banning officials from prediction markets

U.S. Representative Ritchie Torres, a Democrat from New York, plans to introduce a bill this week that would prohibit public officials from betting on prediction markets using information obtained through their official duties, Business Insider reported. The proposed legislation would completely ban federal elected officials, appointed officials, and executive branch employees from trading on such markets if they possess non-public information related to a trade or could obtain specific information through their work.