Polymarket · Republicans · White House · US Senate · Decrypt
Republican Lawmaker Aims to Add Prediction Markets to Congressional Stock Ban Bill
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Restrictions that lawmakers would face under a bill intended to stop insider stock trading on Capitol Hill should also apply to prediction markets, Rep.
Key facts
- Meanwhile, White House aides were instructed in March not to place wagers on prediction markets, per The Wall Street Journal
- Late last month, the leader of the House Oversight Committee, James Comer (R-KY), launched investigations into Polymarket and Kalshi, saying that a “growing pattern of insider trading activity on prediction market platforms indicates that Congressional action may be necessary
- Restrictions that lawmakers would face under a bill intended to stop insider stock trading on Capitol Hill should also apply to prediction markets, Rep
- Steil, who leads the House Administration Committee, told reporters during a roundtable that lawmakers plan to add language to a stock ban bill to cover platforms such as Polymarket and Kalshi, per
Summary
Bryan Steil (R-WI) plans to add language to the House congressional stock ban bill to cover prediction markets like Polymarket and Kalshi. As currently written, the bill completely bans lawmakers and their families from buying new stocks and punishes violators with fines. The move follows a broader federal push against prediction markets, including a Senate ban on member wagers and House Oversight investigations. Steil, who leads the House Administration Committee, told reporters during a roundtable that lawmakers plan to add language to a stock ban bill to cover platforms such as Polymarket and Kalshi, per Bloomberg Government.