End Prediction Market Corruption Act

Key Points

• The bill would completely ban the President, Vice President, and all members of Congress from buying, selling, or trading event contracts — essentially bets on whether certain events will happen, like election outcomes or policy decisions.
• Senior executive branch officials would face a narrower ban: they couldn't trade event contracts related to matters they're personally and substantially involved in through their government work, such as decisions, approvals, investigations, or recommendations.
• Officials who break the rules could face civil penalties of at least $10,000 per violation or the full amount of profit they made from the trade, whichever is higher. The Attorney General would be authorized to bring civil lawsuits to enforce these rules.
• The bill adds new financial disclosure requirements, forcing covered officials to report if they, their spouses, or dependent children trade event contracts. Reports must be filed within 45 days of any transaction.
• The CFTC would be required to create new rules to prevent insider trading in prediction markets, stopping people from using secret government information to profit from event contracts. Foreign trading platforms would also have to submit quarterly reports on any violations.

Votes

No votes have been recorded for this legislation yet.

Related Bills

No related bills have been identified yet.