Senators Launch Effort Ban Elected Officials Profiting from Prediction Markets
5 hours ago
- #insider trading
- #prediction markets
- #government corruption
- Senators Jeff Merkley and Amy Klobuchar introduced the End Prediction Market Corruption Act to ban high-level government officials from trading event contracts.
- The bill aims to prevent insider trading by officials who might use non-public information for personal gain in prediction markets.
- The legislation is supported by Public Citizen, CREW, and POGO, emphasizing the need for ethical standards in government.
- Supporters argue that the bill will protect public trust by ensuring officials work for the public good, not personal profit.
- The act is cosponsored by Senators Chris Van Hollen, Adam Schiff, and Kirsten Gillibrand.
- Merkley has a history of advocating against public corruption, including efforts to regulate stock trading by lawmakers and dark money in politics.