US House bill seeks to ban officials from prediction market betting

The U.S. House of Representatives has introduced a bill to ban senior public officials, including members of Congress and the president, from betting on prediction markets, Cointelegraph reported. The legislation, known as the PREDICT Act, was co-sponsored by Representatives Adrian Smith and Nikki Budzinski. The bill would prohibit the president, vice president, members of Congress, and executive branch appointees from wagering on political and policy-related outcomes, extending the ban to their spouses and family members. Representative Budzinski stated that concerns are growing over the potential misuse of inside information, noting that traders have recently made substantial profits from events ranging from the possibility of war with Iran to the duration of government shutdowns.