Polymarket · White House · Republicans · US Congress · US Senate · Decrypt
House Republican Launches Insider Trading Bill to Ban Lawmaker Prediction Market Bets
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
✓ KHAO Verified
A senior House Republican introduced legislation Thursday that would bar members of Congress, their spouses, and dependent children from placing wagers on prediction markets tied to legislation, government actions, or election results.
Key facts
- Under the measure, violators would owe a penalty of $2,000 or 10% of the wager's value, whichever is greater, plus any profit realized from the bet
- Such moves have come following the high-profile April arrest of Army Master Sergeant Gannon Ken Van Dyke, who was accused of using confidential information to fuel a series of Polymarket bets
- The Stop Lawmakers from Predicting Act ensures that cannot happen," said Chairman Steil, in a statement
- The American people deserve to know their Member of Congress is not profiting off insider information
Summary
Bryan Steil (R-Wis.) introduced the Stop Lawmakers from Predicting Act on Thursday. The bill would bar members of Congress, their spouses, and dependent children from wagering on policy outcomes, government actions, or elections via prediction markets. It also builds on broader federal scrutiny of platforms like Kalshi and Polymarket, including a Senate ban on member/staff wagering and a House Oversight investigation into the platforms. Bryan Steil (R-Wis.), who chairs the House Administration Committee, unveiled the Stop Lawmakers from Predicting Act, saying it is meant to keep elected officials from cashing in on information they have access to before the public does.