Story perspectives

Lawmakers Push for Strict Regulation of Prediction Markets

3/28/2026

Summary

Story summary

Lawmakers are intensifying efforts to regulate prediction markets amid insider trading concerns.
PREDICT Act, introduced by Reps. Adrian Smith and Nikki Budzinski, would bar congressional members from betting on political events.
The Prediction Markets Are Gambling Act, co-authored by Senators Adam Schiff and John Curtis, would ban sports and election-related contracts.
Polymarket and Kalshi are tightening rules to prevent insider trading, including bans on trading by individuals with confidential information.

History

Historical Context

The U.S. Congress enacted the Securities Exchange Act in 1933 to regulate trading and prevent fraud, establishing the Securities and Exchange Commission (SEC) to oversee market activities. Today, lawmakers like Reps. Adrian Smith and Nikki Budzinski are addressing similar issues with the proposed PREDICT Act, aiming to prohibit congressional betting on political events, reflecting ongoing efforts to maintain market integrity and public trust.

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Story summary

Lawmakers are intensifying efforts to regulate prediction markets amid insider trading concerns.
PREDICT Act, introduced by Reps. Adrian Smith and Nikki Budzinski, would bar congressional members from betting on political events.
The Prediction Markets Are Gambling Act, co-authored by Senators Adam Schiff and John Curtis, would ban sports and election-related contracts.
Polymarket and Kalshi are tightening rules to prevent insider trading, including bans on trading by individuals with confidential information.

1 / 2