Multiple American Democratic lawmakers support the bill to ban government officials from participating in political prediction market betting

2026-01-09 16:43:25

CryptoWorld News reports that New York State Assemblyman Ritchie Torres officially introduced legislation on Friday called the “2026 Financial Prediction Market Public Integrity Act.” The bill has the support of 30 Democrats, including former House Speaker Nancy Pelosi, and aims to prohibit elected officials, political appointees, administrative employees, and congressional staff from using material information obtained through their positions to bet on government policies, actions, or political outcomes in prediction markets. Previously, a Polymarket user profited $400,000 by betting that former Venezuelan President Nicolás Maduro would step down before the end of the month, sparking concerns about insider trading. Ritchie Torres stated that it is necessary to ban government insiders from profiting through prediction markets to prevent individuals from pushing relevant policies for personal gain. The bill is currently seeking support from Republicans. (The Block)

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