"Prediction markets are on the rise, and ideas have begun flying on Capitol Hill about all the ways to contain them. That includes everything from preventing insider trading, to keeping lawmakers off platforms like Kalshi and Polymarket, to banning betting on things like the Oscars or the Super Bowl halftime show."
"Rep. Ritchie Torres of New York introduced the 'Public Integrity in Financial Prediction Markets Act' in January. It's a fairly simple idea: ban insider trading by government officials."
"Torres's bill would ban federal elected officials, political appointees, executive branch staffers, and congressional staff from betting on outcomes when they have nonpublic information related to the transaction."
Prediction markets like Kalshi and Polymarket are gaining popularity, prompting Congress to propose several bills aimed at regulating them. Proposals include banning insider trading by government officials and preventing lawmakers from participating in these markets. Other suggestions involve prohibiting betting on events like the Oscars or Super Bowl halftime shows. Although these bills are not yet close to becoming law, they reflect growing scrutiny over prediction markets, especially in light of suspicious trades linked to significant events. The regulatory approach has been relatively friendly under the Trump administration.
Read at www.businessinsider.com
Unable to calculate read time
Collection
[
|
...
]