White House · US Congress · Donald Trump · Republicans · Polymarket · JD Vance · Cointelegraph
Republican lawmaker proposes prediction markets insider trading ban, not including White House officials
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The bill did not specifically bar members of the US Congress from using the platforms or making sports bets, but prohibited policy wagers.
Key facts
- Although the proposed law follows attempts from other lawmakers to crack down on insider trading on prediction markets, Steil’s legislation did not extend to White House officials, including
- Under Trump, the Commodity Futures Trading Commission (CFTC) and its chair Michael Selig have claimed that the federal agency has “exclusive jurisdiction” in the regulation and enforcement
- 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
- 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
Summary
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 proposed law did not specifically bar US lawmakers from using prediction markets platforms or making bets on sporting events, but prohibited wagers on specific government policies, government actions and “political outcomes,” presumably including election results. Steil’s bill was the latest attempt by members of Congress to address lawmakers potentially using insider information to profit on event contracts.