US Reps. Adrian Smith and Nikki Budzinski propose PREDICT Act to bar officials from prediction markets

U.S. Reps. Adrian Smith and Nikki Budzinski introduced the bipartisan PREDICT Act on Wednesday to restrict federal officials and their families from trading prediction-market contracts tied to elections, legislation, or other government actions. The proposal sets penalties that include a civil fine equal to 10% of the transaction value and mandatory forfeiture of any profits, with proceeds directed to the U.S. Treasury.