Republican lawmaker proposes prediction markets insider trading ban, not including White House officials
The bill did not specifically bar members of the US Congress from using the platforms or making sports bets, but prohibited policy wagers.
Wisconsin Representative Bryan Steil, who chairs the House subcommittee on digital assets, introduced a law to prevent certain public officials from “wagering on public policy issues and political outcomes,” notably without mentioning lawmakers in the White House.
In a Thursday notice, Steil said he had introduced the Stop Lawmakers from Predicting Act, which could bar “members of Congress, their spouses, and dependent children” from using policy-aligned event contracts on prediction markets platforms like Kalshi and Polymarket. The bill proposed that elected officials in violation pay a $2,000 fee or 10% of the value of the prohibited bets on the platforms.
Source: Committee on House Administration