Rep. Steil Introduces Bill Banning Lawmakers from Prediction Market Bets with $2,000 Fines

According to Rep. Bryan Steil (R-Wis.), chairman of the House Administration Committee, the Stop Lawmakers from Predicting Act was introduced on Thursday to ban members of Congress, their spouses, and dependent children from wagering on prediction markets tied to legislation, government actions, or elections. Violators would face penalties of $2,000 or 10% of the wager's value, whichever is greater, plus any realized profits. The bill follows a Senate resolution passed in April barring its own members and staff from using prediction markets, and a House Oversight Committee investigation into platforms like Kalshi and Polymarket in May.
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