Rep. Steil Introduces Bill to Ban Lawmakers from Prediction Market Betting, Sets Fines Up to $2,000

On Thursday, Republican Rep. Bryan Steil introduced the Stop Lawmakers from Predicting Act, which would ban lawmakers and their spouses and dependents from placing bets on prediction markets involving specific government actions, policies, or political outcomes. According to his statement, the legislation aims to prevent members of Congress from profiting off insider information. The five-page House bill would impose fines up to approximately $2,000 or 10 percent of the transaction value, whichever is greater, along with any net gain from the bet. The proposal comes after Polymarket traders earned over $400,000 wagering on Venezuelan President Nicolás Maduro's removal, prompting prosecutors to arrest an active-duty U.S. Army soldier allegedly involved in the trade.
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