Bipartisan PREDICT Act Introduced to Ban Congress Members and Officials from Prediction Market Trading
- Reps. Nikki Budzinski (D-Ill.) and Adrian Smith (R-Neb.) introduced the Preventing Real-time Exploitation and Deceptive Insider Congressional Trading Act on March 25, 2026, prohibiting members of Congress, the president, vice president, spouses, dependents, and senior executive branch employees from trading in prediction markets on political events or policy decisions.
- The bill imposes civil penalties of 10% of the violating transaction's value plus full disgorgement of profits to the U.S. Treasury, amid rising bipartisan concerns over platforms like Polymarket and Kalshi.
- 'The American people are tired of politicians using their influence for personal gain, and the rise of prediction markets has made those concerns even more relevant,' Budzinski stated.
- This follows a Senate bill by Sens. John Curtis (R-Utah) and Adam Schiff (D-Calif.) banning sports betting on prediction markets, signaling broader regulatory momentum.
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