House Republican Introduces Insider Trading Bill to Ban Lawmaker Prediction Market Bets
Rep. Bryan Steil introduced the Stop Lawmakers from Predicting Act, which would prohibit members of Congress, their spouses, and dependent children from betting on prediction markets tied to legislation, government actions, or election results. The bill is meant to prevent lawmakers from profiting off nonpublic information and to restore public trust. Violators would face a $2,000 penalty or 10% of the wager, whichever is greater, plus forfeiture of profits; unpaid penalties could be referred to the Justice Department. The measure comes amid bipartisan concern about lawmakers using platforms like Kalshi and Polymarket, following Senate and House actions to curb such activity and scrutiny over possible insider trading. Steil may also push similar restrictions in the stalled congressional stock-trading ban.
