Representative Bryan Steil introduced the Stop Lawmakers from Predicting Act on June 18. The bill bars members of Congress, their spouses, and dependent children from wagering on government policy and political outcomes through prediction markets.
The Wisconsin Republican chairs the House Administration Committee. His bill responds to mounting concerns surrounding reported insider trading on these platforms.
Steil Seeks to Bar Lawmakers From Betting on US Policy Outcomes
The legislation builds on the Stop Insider Trading Act, which the committee advanced on January 14. Steil framed the new measure as a way to rebuild confidence in elected officials.
“The American people deserve to know their Member of Congress is not profiting off insider information,” Steil said. “Lawmakers should be writing policy, not wagering on its outcome.”
Follow us on X to get the latest news as it happens
The bill bans members, spouses, and dependent children from betting on specific government policies, actions, or political results. Violators must pay $2,000 or 10% of the transaction value, whichever is greater. They also forfeit any net gain.
In addition, the bill proposes that members cannot use their official allowances, Senate expense accounts, or political donations to pay the fine. Those who resign or retire without paying can be referred to the Department of Justice for civil enforcement.
The proposal joins a wider push. In March, Senators Todd Young, Elissa Slotkin, John Curtis, and Adam Schiff introduced the Public Integrity in Financial Prediction Markets Act, targeting nonpublic information trades across any platform. A House companion, the PREDICT Act, extends similar limits to officials’ families.
Whether the measure advances may hinge on bipartisan appetite, given parallel Senate and House efforts already in motion. Meanwhile, prediction market platforms have responded too.
In June, Kalshi rolled out risk scoring, employment checks, and whistleblower channels to deter insiders from acting on privileged information. Polymarket brought in Chainalysis to build an on-chain surveillance system.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
The post US Lawmakers May Be Banned From Betting on Kalshi and Polymarket appeared first on BeInCrypto.
Regulation,Editor’s Pick,Polymarket News,US Regulation#Lawmakers #Banned #Betting #Kalshi #Polymarket1781864300
