Bipartisan House bill seeks to curb officials’ prediction market trading

Two House lawmakers from opposite parties are pushing new legislation they say would stop federal officials from cashing in on inside knowledge through prediction markets.

Rep. Adrian Smith, a Republican from Nebraska, and Rep. Nikki Budzinski, a Democrat from Illinois, introduced the Preventing Real-time Exploitation and Deceptive Insider Congressional Trading Act, known as the PREDICT Act, on March 25. Their proposal responds to the rapid rise of online platforms that let users wager on the outcomes of elections...