Lawmakers Press to Limit Prediction Bets by Policymakers
The New York Times • • business
Key Points:
- Over 150 bettors on Polymarket accurately predicted President Trump's attack on Iran on February 28, with at least 109 accounts earning over $10,000 and 16 profiting even more.
- The surge in such bets has raised bipartisan concerns in Congress about policymakers potentially exploiting insider information on prediction markets.
- Legislators are pushing for laws to prohibit public officials from betting on prediction markets using nonpublic information, citing risks to national security and operational integrity.
- Senator Elissa Slotkin introduced a bill that would ban officials from such bets, impose fines up to $500 or double the profits, and require reporting of bets over $250.
- The legislation aims to prevent the appearance and reality of federal officials profiting from confidential information related to military actions and other sensitive government decisions.
