Proposed law prohibits wagers on government policies and outcomes
A Republican lawmaker has proposed a law to ban insider trading in prediction markets, which would prohibit wagers on specific government policies and political outcomes.
The proposed law follows incidents of individuals using insider information to profit from event contracts, including a soldier who allegedly made over $400,000 betting on the removal of Venezuela President Nicolás Maduro.
The law would take effect 180 days after enactment if passed by Congress and signed into law by the president, but it does not extend to White House officials, including the President and Vice President.