Prediction market firms face growing scrutiny as Congress weighs regulation
Rep. Bryan Steil, R-Wisc., is working on a bill to ban Congress members and their staff from certain bets on prediction markets such as Kalshi and Polymarket.
TL;DR
- Rep. Bryan Steil is developing legislation to ban lawmakers from betting on elections and political events on prediction markets.
- The proposed ban would extend to former federal lawmakers and candidates.
- Concerns about insider trading and using elected office for personal profit are driving the legislative effort.
- Legislation may also address regulation of prediction markets based outside the U.S.
- The House is seeking a statutory ban, distinct from the Senate's rule change.
- Steil plans to attach the language to a bill banning lawmakers from stock trading.