TLDR Rep. Bryan Steil introduced the “Stop Lawmakers From Predicting Act” to ban members of Congress, their spouses, and dependents from trading on prediction markets Violators face fines of $2,000 or 10% of the transaction value, whichever is greater, plus forfeiture of any profits The bill has support from House Speaker Mike Johnson and President Donald Trump The Senate already voted unanimously to ban its own members from prediction market betting A separate bipartisan bill would extend the ban to all government officials, including the president and vice president Congress Targets Prediction Market Betting With New Legislation
A new bill in the House of Representatives aims to stop members of Congress from placing bets on prediction markets tied to political events.
The bill, called the “Stop Lawmakers From Predicting Act,” was introduced by Rep. Bryan Steil. It would ban lawmakers, their spouses, and dependent children from entering contracts or transactions based on political outcomes, government actions, or policy decisions.
Steil said the legislation is about restoring public trust. “The American people deserve to know their Member of Congress is not profiting off insider information,” he said in a press release.
The concern is that lawmakers may have access to inside knowledge that could give them an unfair advantage on these platforms.
What the Penalties Look Like
Anyone caught breaking the rules would face a fine of either $2,000 or 10% of the transaction value, whichever is higher.
Any profits made from the prohibited trade would also be forfeited. Lawmakers would not be allowed to use office funds or campaign money to pay the fines.
All collected penalties would go directly into the U.S. Treasury. The supervising ethics office would handle enforcement and could refer cases to the Department of Justice if a lawmaker leaves office before paying.