{"id":7885,"date":"2026-03-27T07:14:39","date_gmt":"2026-03-27T07:14:39","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=7885"},"modified":"2026-03-27T07:14:39","modified_gmt":"2026-03-27T07:14:39","slug":"bipartisan-bill-targets-political-betting-by-federal-officials","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=7885","title":{"rendered":"Bipartisan Bill Targets Political Betting by Federal Officials"},"content":{"rendered":"

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  • Rep. Adrian Smith (R-NE) and Rep. Nikki Budzinski (D-IL) introduced the PREDICT Act on March 25, targeting federal officials, their spouses, and dependents who trade on platforms such as Kalshi and Polymarket.<\/span><\/li>\n
  • Violations would carry a civil penalty of 10% of the transaction value plus full disgorgement of profits to the U.S. Treasury.<\/span><\/li>\n
  • A Harvard Law study screening 93,000 Polymarket markets flagged approximately US$143 million in estimated anomalous profits across more than 210,000 suspicious wallet-market pairs.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    A bipartisan bill introduced on March 25 would bar senior federal officials and their families from trading on prediction markets linked to political events or government actions.<\/p>\n

    This comes as lawmakers respond to growing evidence of informed trading on platforms such as Kalshi and Polymarket.<\/p>\n

    The PREDICT Act, introduced by Representative Adrian Smith, a Nebraska Republican, and Representative Nikki Budzinski, an Illinois Democrat, would apply to members of Congress, the president and vice president, political appointees, senior executive branch officials above GS-15, military officers at O-7 and above, and judicial officials.\u00a0<\/p>\n

    Spouses and dependent children would also be covered. Smith said public service should not become a way to profit from privileged information.<\/p>\n

    Read also: <\/strong>Ripple Tests Stablecoin Trade Finance in Monetary Authority of Singapore Sandbox<\/strong><\/p>\n

    Evidence of Suspicious Trading<\/h2>\n

    Six newly created Polymarket wallets made about US$1.2 million (AU$1.74 million) before the Feb. 28 U.S.-Israeli strike on Iran.\u00a0<\/p>\n

    One account bought \u201cYes\u201d shares at US$0.10 when the implied probability was 17% and later made about US$553,000 (AU$801,850), with the first trade placed 71 minutes before the news became public.\u00a0<\/p>\n

    In another case, an account turned US$38,500 (AU$55,825) into about US$485,000 (AU$703,250) on contracts tied to the capture of Nicolas Maduro, as Crypto News Australia reported.\u00a0<\/p>\n

    Israeli authorities have also indicted a civilian and an IDF reservist for allegedly using classified wartime information on Polymarket.<\/p>\n

    They Really Want to Ban Prediction Markets<\/h2>\n

    The PREDICT Act is one of at least six prediction-market bills introduced in Congress in March 2026.\u00a0<\/p>\n

    Other proposals range from limits on political event contracts to broader bans on event contracts involving elections, military action, and government decisions. The Commodity Futures Trading Commission began a formal review of event-contract rules on March 12.<\/p>\n

    The bill faces an uncertain path in a Republican-controlled Congress, especially as the Trump administration and CFTC Chair Mike Selig have backed what they describe as lawful innovation in prediction markets.\u00a0<\/p>\n

    Budzinski said the measure is intended to close a gap left by the STOCK Act, which does not directly address this market.<\/p>\n<\/p><\/div>\n

    Betting,Law,Trading#Bipartisan #Bill #Targets #Political #Betting #Federal #Officials1774595679<\/p>\n","protected":false},"excerpt":{"rendered":"

    Rep. Adrian Smith (R-NE) and Rep. Nikki Budzinski (D-IL) introduced the PREDICT Act on March 25, targeting federal officials, their spouses, and dependents who trade on platforms such as Kalshi and Polymarket. Violations would carry a civil penalty of 10% of the transaction value plus full disgorgement of profits to the U.S. Treasury. A Harvard<\/p>\n","protected":false},"author":1,"featured_media":7886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[1826,749,1636,1646,763,764,564],"class_list":{"0":"post-7885","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"tag-betting","9":"tag-bill","10":"tag-bipartisan","11":"tag-federal","12":"tag-officials","13":"tag-political","14":"tag-targets"},"yoast_head":"\nBipartisan Bill Targets Political Betting by Federal Officials - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=7885\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bipartisan Bill Targets Political Betting by Federal Officials\" \/>\n<meta property=\"og:description\" content=\"Rep. Adrian Smith (R-NE) and Rep. Nikki Budzinski (D-IL) introduced the PREDICT Act on March 25, targeting federal officials, their spouses, and dependents who trade on platforms such as Kalshi and Polymarket. Violations would carry a civil penalty of 10% of the transaction value plus full disgorgement of profits to the U.S. Treasury. 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