According to Cointelegraph, U.S. lawmakers introduced the PREDICT Act on Tuesday to prohibit members of Congress, the president, and other senior officials from participating in prediction markets. The bill was introduced by Representatives Adrian Smith and Nikki Budzinski. Existing topic details indicate the proposed restrictions would also extend to spouses and family members, with penalties including a fine equal to 10% of total contract value and forfeiture of profits to the U.S. Treasury.