Rep. Torres introduces bill to restrict elected officials’ use of prediction markets following Maduro bet

Representative Ritchie Torres, a New York Democrat, introduced the "Public Integrity in Financial Prediction Markets Act of 2026" to prohibit federal elected officials, political appointees, and executive branch employees from placing bets on prediction markets concerning government policy, action, or political outcomes. This legislative move follows controversy surrounding a $400,000 payout on a Polymarket bet that Venezuelan President Nicolás Maduro would be removed from power by the end of the month, coinciding with the U.S. announcement of Maduro's indictment and capture. Torres' spokesperson indicated the bill was already in development but the Venezuela bet underscored the need for urgent introduction. The bill aims to codify this conduct as illegal under federal law, serving as a starting point for future policy discussions, though it currently relies on existing enforcement mechanisms rather than creating new penalties.

(Source：The Block)