Gate News reports that on March 24, the prediction market platforms Kalshi and Polymarket announced user restrictions related to insider trading. At the same time, bipartisan lawmakers in the United States introduced legislation to ban event contracts related to sports competitions. Kalshi announced it would prohibit political candidates from trading on their own campaigns, as well as ban athletes, event staff, referees, and other personnel involved in college and professional sports from trading. Polymarket issued a broader ban covering trading based on stolen confidential information, illegal insider tips, and individuals who could influence market outcomes. Legislation-wise, Democratic Senator Adam Schiff and Republican Senator John Curtis jointly proposed the “Prediction Market as Gambling Act,” which aims to prohibit entities registered with the U.S. Commodity Futures Trading Commission (CFTC) from offering event contracts similar to sports betting or casino games.
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