US Congress Members May Be Banned from Using Prediction Markets

Republicans in the US House of Representatives plan to introduce new restrictions on prediction markets into a bill banning congressmen from trading stocks. This initiative emerged against the backdrop of lawmakers reconsidering their right to bet on election or state policy outcomes. Cointelegraph.com reports .

Bryan Steil, Chairman of the House Administration Committee, intends to introduce relevant amendments to bill H.R.7008. According to Bloomberg Government, Steil expects to put the document to a vote in the coming months. The new rules will combine restrictions on stock trading with new bans on the use of prediction markets.

According to Steil's proposal, prediction markets will not be completely banned for congressmen, but certain types of contracts will be restricted. For example, betting on the outcomes of sports or entertainment events like the Super Bowl will be allowed, but trading in contracts related to elections or economic policy may be restricted.

These actions come amid growing discussions around platforms like Polymarket. According to a Politico report, it was discovered that over $2.5 million was transferred to social media bloggers to promote the platform through accounts linked to Polymarket's Marketing Director, Matthew Modabber.

Currently, US legislation does not have clear rules on how congressmen interact with prediction markets. Bryan Steil emphasizes that this measure is not aimed at criticizing the product itself, but at establishing ethical and financial boundaries for lawmakers.