US lawmakers propose legislation to regulate prediction markets

United States Senator Chris Murphy and House Representative Greg Casar are set to introduce the BETS OFF Act, which aims to prohibit betting on government actions and events where outcomes are known. The move comes after individuals profited from bets on geopolitical conflicts, prompting concerns about insider trading and ethical implications. The legislation follows a wave of efforts to regulate prediction markets like Kalshi and Polymarket, which allow users to wager on real-life events, including military strikes and political decisions.

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