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Pelosi and 30 Other Democrats Jointly Push for "Insider Trading Prediction Market" Bill
BlockBeats News, January 10th, according to The Block, thirty Democratic lawmakers, including former House Speaker Nancy Pelosi, are jointly pushing legislation aimed at banning elected officials from engaging in politically related betting on prediction markets. This move comes in response to recent betting events related to the arrest of former Venezuelan President Nicolás Maduro.
The proposal, named the "2026 Financial Prediction Market Public Integrity Act," was formally introduced on Friday by New York Democratic Congressman Ritchie Torres. According to Axios, earlier, a user bet on Polymarket that Maduro would "step down" by the end of this month and made a profit of $400,000, triggering concerns about insider trading and accelerating the passage of the bill.
In a statement on Friday, Torres said: "Imagine if a Trump administration official bet on events like Maduro stepping down. As a government insider and a prediction market participant, this person would face the malign temptation to exploit policy for personal gain." He emphasized: "It is imperative to completely prohibit government insiders from profiting through prediction markets."
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