Polymarket · U.S. · US Congress · The Block
Steil introduces bill to block lawmakers from placing prediction markets bets on public policy issues
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Bryan Steil introduced legislation aimed at preventing lawmakers and their families from profiting from bets on political and policy outcomes in prediction markets.
Key facts
- The five-page House bill would fine lawmakers who violate its rules close to $2,000 or 10 percent of the value of the transaction, whichever is more, as well as the net gain realized from the bet
- Those concerns intensified earlier this year when an anonymous Polymarket user earned more than $400,000 by wagering that Venezuelan President Nicolás Maduro would be removed from power
- On Thursday, Steil debuted the Stop Lawmakers from Predicting Act, which would ban lawmakers as well as their spouses and dependents from placing bets on prediction markets that involve specific
- The Stop Lawmakers from Predicting Act ensures that cannot happen," Steil said in a statement
Summary
On Thursday, Steil debuted the Stop Lawmakers from Predicting Act, which would ban lawmakers as well as their spouses and dependents from placing bets on prediction markets that involve specific government actions, policies, or political outcomes. "The American people deserve to know their Member of Congress is not profiting off insider information. Prediction markets such as Kalshi and Polymarket have surged in popularity over the past year, fueling concerns that traders could profit from nonpublic information. Those concerns intensified earlier this year when an anonymous Polymarket user earned more than $400,000 by wagering that Venezuelan President Nicolás Maduro would be removed from power before the end of the month.