U.S. Congressman Proposes Bill to Ban Political Betting on Prediction Markets

PANews, June 20: According to Cointelegraph, U.S. Representative Bryan Steil of Wisconsin has introduced the "Stop Legislators from Predicting Act," which proposes to prohibit "members of Congress, their spouses, and dependent children" from trading policy-related event contracts on prediction market platforms such as Kalshi and Polymarket. The bill stipulates that elected officials who violate the rule would face a $2,000 fine or be required to pay 10% of the amount they were prohibited from wagering on the platform. The bill does not explicitly ban U.S. legislators from using prediction market platforms or placing bets on sporting events, but it prohibits betting on specific government policies, government actions, and "political outcomes" (which may include election results). If passed by Congress and signed into law by the President, the bill would take effect 180 days after enactment.