US Congressman Ritchie Torres has announced plans to introduce legislation aimed at curbing insider trading on prediction markets. The Democrat from New York revealed his intentions following revelations that a mysterious trader pocketed over $400,000 (£295,000) by wagering on the ousting of Venezuelan President Nicolás Maduro, just hours before the event unfolded.
This incident has ignited debates on the ethics of such platforms, where users bet on real-world outcomes, and highlighted potential vulnerabilities to exploitation by those with privileged information.
