Several US Democrats Support Bill to Ban Government Officials from Participating in Political Prediction Market Betting
According to Odaily, New York State Assemblyman Ritchie Torres officially introduced a legislative proposal on Friday called the "2026 Financial Prediction Market Public Integrity Act." The bill, supported by 30 Democrats including former Speaker of the House Nancy Pelosi, aims to prohibit elected officials, political appointees, executive branch employees, and congressional staff from using substantial information obtained through their positions to place bets on prediction markets regarding government policies, government actions, or political outcomes.
Previously, a Polymarket user profited $400,000 by betting that former Venezuelan President Nicolás Maduro would step down by the end of this month, raising concerns in the market about insider trading. Ritchie Torres stated that it is necessary to ban government insiders from profiting through prediction markets to prevent individuals from being motivated to promote related policies for personal gain. The bill is currently seeking support from Republicans.
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