US Lawmaker Proposes Ban on Political Betting by Congress Members on Prediction Market Platforms

CoinFeed June 20 news, according to Cointelegraph, Wisconsin Representative Bryan Steil introduced the "Preventing Legislators from Betting Act," which proposes to ban "members of Congress, their spouses, and dependent children" from using policy-related event contracts on prediction market platforms such as Kalshi and Polymarket. The bill proposes that violating elected officials would be fined $2,000 or pay 10% of the amount they were prohibited from betting on the platform. The bill does not explicitly prohibit US lawmakers from using prediction market platforms or betting on sports events, but it bans betting on specific government policies, government actions, and "political outcomes" (which may include election results). If the bill passes Congress and is signed into law by the President, it could take effect 180 days after enactment.