U.S. lawmakers propose the PREDICT Act to ban the President and members of Congress from participating in prediction markets.

Odaily reports that US lawmakers have introduced the PREDICT Act, which plans to prohibit the President, members of Congress, and other senior government officials from participating in prediction market trading. The bill, jointly proposed by Adrian Smith and Nikki Budzinski, aims to restrict the use of insider information for participating in prediction activities related to political events or policy outcomes, and extends its scope to include spouses and family members of the relevant personnel. The bill also proposes a fine of 10% of the total contract value for violations, and confiscation of all profits, which would be turned over to the US Treasury. (Cointelegraph)