Rep. Bryan Steil Seeks to Include Prediction Markets in Stock Ban Bill
- Rep. Bryan Steil (R-WI) aims to add language to the House stock ban bill, H.R. 7008, to cover prediction markets like Polymarket and Kalshi.
- The bill currently prohibits lawmakers and their families from purchasing new stocks and imposes fines for violations.
- Violators face fines of $2,000 or a percentage of the investment’s value, plus forfeiture of any gains.
- The Senate has already passed a resolution banning its members from using prediction markets.
- House Oversight Committee leader James Comer (R-KY) is investigating Polymarket and Kalshi due to concerns about insider trading activities.
Rep. Bryan Steil’s proposal reflects a growing federal effort to regulate prediction markets alongside traditional stock trading by lawmakers, aiming to prevent potential conflicts of interest and maintain market integrity.
If enacted, the bill would extend existing restrictions on stock trades by lawmakers to include prediction markets, addressing concerns about insider trading and national security risks associated with these platforms (Source).
