U.S. lawmakers are pushing for stronger regulations on online prediction markets, a fast-growing industry that allows users to bet on the outcomes of real-world events across sports, politics, and culture.
Richard Blumenthal (D-Connecticut) has introduced legislation to tighten rules on these platforms and address concerns about fraud, insider trading, and consumer protection, according to the CT Mirror.
The measure, called the Prediction Markets Security and Integrity Act, is being introduced with support from New Jersey Democratic Sen. Andy Kim. The bill seeks to stop the misuse of sensitive or nonpublic information in prediction markets and to prevent operators or users from participating in bets in which they have a conflict of interest.
