Recently, a piece of news has attracted a lot of attention in the crypto circle—New York State Assembly Member Clyde Vanel has introduced the "Event Contract Regulatory Act," also known as the ORACLE Act, and this time it's serious.

In simple terms, this bill mainly aims to impose regulatory constraints on prediction markets. The most direct restriction is on sports events, where betting on individual games will be banned, but you can still bet on, for example, a team's season champion. But that's not the harshest part—the bill also calls for a halt on transactions related to sensitive topics such as political elections, death events, and natural disasters, effectively banning them.

For trading platforms, the pressure is also significant. The bill requires many market participants to implement user self-exclusion features, set trading time and amount limits to prevent reckless spending. Penalties for violations are hefty—high daily fines are set, discouraging any reckless behavior.

This reflects the increasingly clear attitude of regulatory authorities toward the development of prediction markets. As these markets grow in size and participation, the government will inevitably step in to regulate. For the industry, this is both a challenge and an opportunity—regulation often helps markets develop in a healthier way.