Merkley proposes prediction market ban for government officials after Maduro, Iran bets
CNBC
After a series of dubious bets placed on the ouster of Venezuela's Maduro and Iran strikes, lawmakers are looking to ban insider trading on prediction markets.
Payouts to unnamed bettors after the ouster of former Venezuelan President Nicolás Maduro and the U.S. attack on Iran put prediction markets in the spotlight. Now, lawmakers are trying to block elected officials from getting rich off them.
A previously unreported bill led by Sens. Jeff Merkley, D-Ore., and Amy Klobuchar, D-Minn., being introduced on Thursday would ban the president, vice president and members of Congress from trading event contracts — which allow users to wager on the outcome of specific events. It would also limit prediction market activity for senior executive branch officials and impose fines starting at $10,000 for violators.
"Members receive all sorts of tips and advice," Merkley said in an interview. "The actual demonstration of insider trading is too difficult to be sufficient to address the problem. The problem becomes both real corruption … and the appearance of corruption and conflict of interest."
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