NO PROFIT Act

This bill would make it illegal for anyone to trade stocks, commodities, swaps, or contracts on prediction-type markets while aware of important information from a government-linked social media account that they got early through special access before the public could see it. It would also bar passing that information to others likely to trade on it. Covered accounts include those run by federal officials, their family members, people acting for them, or federal agencies, with officials covered for 180 days after leaving their jobs. Social media platforms could not sell or offer early or special access to posts from these accounts, with penalties equal to the revenue earned from that access. The Securities and Exchange Commission and Commodity Futures Trading Commission would enforce the trading ban and write rules within 180 days.

Full text and official record on Congress.gov

Sponsors

• Mark R. Warner Democrat sponsor
• 2 cosponsors