Representative Bryan Steil introduced legislation to prevent members of Congress from wagering on prediction markets tied to public policy issues.
The bill targets potential insider trading by blocking lawmakers and their family members from placing bets on policy-related outcomes.
Steil's proposal would stop members of Congress from wagering on public policy issues and political outcomes.
The measure does not extend restrictions to White House officials.
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A POLITICO survey conducted by Public First found that 44% of U.S. adults said betting on election outcomes should be illegal, reflecting public unease about political prediction markets as they expand beyond elections into wagers tied to government actions.
The U.S. Senate has passed a resolution prohibiting senators and their staff from using prediction markets. S. Res. 708 took effect immediately upon passage.
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Minnesota lawmakers have advanced legislation aimed at restricting prediction markets such as Kalshi and Polymarket, setting up a clash with the Commodity Futures Trading Commission, which argues federal law gives it exclusive authority over many of those products.
Venture capital firm a16z has filed an 18-page letter backing the Commodity Futures Trading Commission in its disputes with states over prediction markets. The firm argues that federal law preempts state regulations on platforms like Kalshi and Polymarket. It claims state crackdowns undermine the CFTC's mandate for impartial market access.