PANews reported on March 26 that, in accordance to Cointelegraph, bipartisan lawmakers in the United States have launched the “Stopping Actual-Time Exploitation and Misleading Insider Buying and selling Act,” which proposes to prohibit the president, members of Congress, and senior authorities officers from betting on prediction markets, with their spouses and dependents additionally topic to restrictions. Violators would face a penalty of 10% of the whole worth of their contracts and could be required to forfeit all earnings.
The bill comes as U.S. lawmakers and regulators are rising scrutiny of prediction markets, concentrating on contracts on platforms like Kalshi and Polymarket involving politics, battle, and sports activities. This follows the introduction of the “Prohibition of Transactions Associated to Delicate Operations and Federal Capabilities Act” by two different Democratic lawmakers.
