BLUMENTHAL INTRODUCES NEW LEGISLATION TO REGULATE PREDICTION MARKETS
The Prediction Markets Security and Integrity Act bans wagers on war, cracks down on insider trading, and protects consumers from fraud [WASHINGTON, DC] – Today, U.S. Senator Richard Blumenthal (D-CT) introduced new legislation to prevent abuse and fraud in prediction markets. Prediction markets have grown into a multi-billion-dollar unregulated industry, ignoring state gambling laws while operating businesses identical to traditional sportsbooks by letting people bet on real-world events. In the absence of federal or state safeguards, prediction markets have harbored insider trading, market manipulation, underage gambling, and leaks of national security information. The Prediction Markets Security and Integrity Act addresses these issues by establishing federal consumer protections and returning regulatory authority to the states. The Prediction Markets Security and Integrity Act is cosponsored byU.S. Senator Andy…