""Serving the American people is a privilege, not a pathway to profit. Our commonsense, bipartisan bill will give Americans confidence that the decisions of their elected officials are guided by merit, not personal profit.""
""If passed, the bill would bar members of Congress, their spouses, and dependent children from trading on prediction markets tied to political or government actions.""
""Backers of the legislation argue that prediction markets have grown quickly and now present a new avenue for potential insider trading that existing ethics laws may not fully cover.""
The PREDICT Act, introduced by Rep. Adrian Smith and Rep. Nikki Budzinski, seeks to prohibit Congress members and senior officials from trading on prediction markets linked to government actions. The bill aims to close ethics loopholes and prevent insider trading. Violators would face civil fines and be required to forfeit profits to the U.S. Treasury. The legislation responds to the rapid growth of online platforms allowing bets on political outcomes, ensuring that officials prioritize public service over personal gain.
Read at ReadWrite
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