TechFlow News, March 24: According to Cointelegraph, prediction market platforms Kalshi and Polymarket announced user restrictions targeting insider trading on the same day. Meanwhile, bipartisan U.S. lawmakers introduced draft legislation that would prohibit event contracts tied to sporting events.
Kalshi announced it will ban political candidates from trading on markets related to their own campaigns, and also prohibit athletes, event staff, referees, and other individuals affiliated with collegiate and professional sports from trading. Polymarket issued a broader prohibition, covering trading based on stolen confidential information or illegal insider information, as well as trading by individuals who could influence market outcomes.
On the legislative front, Democratic Senator Adam Schiff and Republican Senator John Curtis jointly introduced the “Prediction Markets Are Gambling Act,” which seeks to prohibit entities registered with the U.S. Commodity Futures Trading Commission (CFTC) from listing event contracts resembling “sports betting or casino games.”
