CoinWorld reports that U.S. lawmakers have introduced the "PREDICT Act," which proposes to ban the President, members of Congress, and other senior government officials from participating in prediction market trading. The bill, jointly sponsored by Adrian Smith and Nikki Budzinski, aims to restrict the use of insider information in predicting political events or policy outcomes and extends its scope to include spouses and family members of relevant individuals. The bill also proposes fines of 10% of the total contract value for violations and confiscation of all profits, which will be turned over to the U.S. Treasury.