"When public officials use non-public information to win a bet, you have the perfect recipe to undermine the public's belief that government officials are working for the public good, not for their own personal profits. Perfectly timed bets on prediction markets have the unmistakable stench of corruption. To protect the public interest, Congress must step up and pass my End Prediction Market Corruption Act to crack down on this bad bet for democracy."
"The legislation, called the End Prediction Market Corruption Act, would modify the Commodity Exchange Act to prohibit the president, the vice president, and members of Congress from participating in those markets. The proposal arrives as prediction platforms such as Kalshi and Polymarket draw increasing attention in Washington, especially after controversial bets tied to geopolitical developments and political events."
Senators Jeff Merkley and Amy Klobuchar have introduced the End Prediction Market Corruption Act to prohibit the president, vice president, and members of Congress from participating in prediction markets. These markets allow people to wager on future events through financial instruments called event contracts. The legislation modifies the Commodity Exchange Act in response to growing concerns about prediction platforms like Kalshi and Polymarket, particularly following controversial bets on geopolitical and political developments. Merkley argues that officials using non-public information to profit from prediction markets undermines public confidence in government and creates corruption risks. The bill aims to prevent federal leaders from abusing privileged information for personal financial gain.
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