U.S. New York state lawmaker pushes bill to ban public officials from trading in prediction markets
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- A Democratic lawmaker from New York State reportedly announced plans to introduce a bill that would fully ban public officials from trading in prediction markets.
- The bill focuses on blocking public officials from participating in prediction markets using information obtained through their official duties.
- If passed, the bill is expected to extend public officials' ethical standards to prediction markets and lead to more concrete regulatory discussions on virtual assets and derivative financial products.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
A Democratic lawmaker from New York State has announced plans to introduce a bill that would completely ban public officials from trading in prediction markets. The intent is to block officials from betting in prediction markets using information obtained in the course of their official duties.
On the 5th (local time), U.S. political and economic outlet Business Insider reported that Ritchie Torres (Ritchie Torres), a Democratic lawmaker from New York State, plans to introduce the 'Prediction Market Ban Act' targeting public officials this week.
The bill would apply to federal elected officials, appointed officials, and officials belonging to the executive branch. Its core provision is to outright ban trading in prediction markets if these individuals possess nonpublic information related to trades or are in positions where they can acquire specific information through their duties.
The bill focuses on preventing conflicts of interest by public officials in prediction markets closely tied to public information such as political events, policy decisions, and economic indicators. It specifically includes provisions that explicitly prohibit trading that exploits superior access to information obtained through official duties.
Recently in the U.S., prediction markets have grown rapidly following regulatory approval, leading to increased betting on political and economic matters. This has raised ethical controversies over whether public officials should participate.
Market observers say the bill, if passed, could set a precedent for extending public officials' ethical norms to the realm of prediction markets. It could also lead to more concrete regulatory discussions about prediction markets combined with virtual assets and derivative financial products.
