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Sen. Adam Schiff (D-Calif.) on Thursday called for stricter rules on prediction markets, warning that access to insider information could fuel unethical profits and criminal activity tied to sensitive global events.
In a post on X, Schiff said Congress must ensure that “no public official or other person with insider information” can use that knowledge to place bets in prediction markets. He pushed legislation that would prohibit contracts tied to events such as war, assassination, terrorism and death.
“These kinds of bets should be precluded altogether,” Schiff said, adding that failure to act could lead to “a lot more crimes like this one.”
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