A new proposed bill in the United States seeks to ban the US president and members of Congress from participating in prediction markets.

PANews reported on March 26 that, according to Cointelegraph, bipartisan lawmakers in the United States have introduced the "Preventing Real-Time Exploitation and Deceptive Insider Trading Act," which proposes to prohibit the president, members of Congress, and senior government officials from betting on prediction markets, with their spouses and dependents also subject to restrictions. Violators would face a penalty of 10% of the total value of their contracts and would be required to forfeit all profits.

The bill comes as U.S. lawmakers and regulators are increasing scrutiny of prediction markets, targeting contracts on platforms like Kalshi and Polymarket involving politics, war, and sports. This follows the introduction of the "Prohibition of Transactions Related to Sensitive Operations and Federal Functions Act" by two other Democratic lawmakers.