US Democrats propose bill to ban insider betting on prediction markets

A group of U.S. Democratic lawmakers is pushing for legislation to prohibit betting on prediction markets for events susceptible to insider trading, such as potential military operations in Venezuela and Iran. According to CoinDesk, the bill would outlaw wagers on events like government actions, terrorism, war, or assassinations by individuals who might have advance knowledge of the outcomes through inside information. The proposed ban would also extend to bets on cultural events, such as the Super Bowl halftime show performer or award ceremony winners, where insiders could possess privileged information.