US Democratic lawmakers have proposed banning officials from using insider information to participate in market prediction.

CoinFeed reported on March 17 that, according to CoinDesk, US Senator Chris Murphy and Representative Greg Casar have introduced a new bill called the BETS OFF Act, which aims to prohibit government officials from participating in prediction market betting when they have insider information. The bill focuses on suspected insider trading related to US actions in Venezuela, Iran, and other locations, and aims to restrict officials from profiting from sensitive policy and military information.