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US senators propose barring senior officials from prediction-market trades

Regulation

US senators Jeff Merkley and Amy Klobuchar introduced the End Prediction Market Corruption Act, which would bar the president, vice president, members of Congress and other senior officials from trading event contracts. Klobuchar said the bill would strengthen the Commodity Futures Trading Commission’s ability to address misconduct; it has been proposed, not enacted.

Prediction-market operators may face new restrictions if the proposed federal trading ban becomes law.

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Regulation

New Jersey senators propose permits and taxes for prediction markets

New Jersey senators Nicholas Scutari and Paul Sarlo introduced a bill to regulate prediction markets and require operators to obtain state permits. The proposal would add a 10% tax surcharge to prediction-market trades, including sports-related contracts, and set a $5 million initial licensing fee for firms offering sports contracts; it has been referred to the Senate Budget and Appropriations Committee.

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