Schumer: House, White House must ban prediction markets bets
Senate Democratic Leader Chuck Schumer is calling on the House and White House to ban government officials from placing bets on prediction markets, citing national security risks. Schumer noted that several individuals have made large sums by correctly predicting US military actions using classified information.
Senate Democratic Leader Chuck Schumer is urging the House and White House to ban government officials from betting on prediction markets, citing serious national security risks. He pointed out that 16 accounts made over $100,000 each by predicting a US military strike on Iran before it became public. A US Army Special Forces soldier was recently charged with using classified information to make $400,000 on bets related to a US operation to capture former Venezuelan President Nicolás Maduro. The Senate recently passed a resolution prohibiting senators and Senate staff from trading on prediction markets. Schumer is calling on the House to pass a companion measure and President Trump to sign a comprehensive federal ban. Employees at the White House, federal agencies, and House of Representatives can still legally participate in these betting markets despite having access to classified information.
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