WASHINGTON, March 11 -- Sen. Richard Blumenthal issued text of the following press release:
Today, U.S. Senator Richard Blumenthal (D-CT) introduced new legislation to prevent abuse and fraud in prediction markets. Prediction markets have grown into a multi-billion-dollar unregulated industry, ignoring state gambling laws while operating businesses identical to traditional sportsbooks by letting people bet on real-world events.
In the absence of federal or state safeguards, prediction markets have harbored insider trading, market manipulation, underage gambling, and leaks of national security information. The Prediction Markets Security and Integrity Act addresses these issues by establishing federal consumer protections and returning reg...