House GOP seeks to bar lawmakers from prediction market bets

House Republicans are moving to restrict how members of Congress can use prediction markets, seeking to attach new limits to a long-stalled bill that would ban lawmakers from trading stocks. The proposal, led by House Administration Committee Chairman Bryan Steil, aims to prohibit legislators from placing wagers on elections or public policy outcomes while allowing bets on sports and entertainment.

Steil plans to add the prediction market provisions to H.R. 7008, a bill that already seeks to ban lawmakers, their spouses, and dependents from purchasing publicly traded stocks and requires advance public notice before any stock sales. According to reports, Steil expects House leadership to schedule a vote on the combined measure this summer. He stated that the House currently lacks clear rules governing members' interactions with these platforms and that the initiative addresses concerns that elected officials could wager on matters they influence.

The legislative push coincides with heightened scrutiny of prediction market platforms themselves. A recent report revealed that numerous online influencers promoted the platform Polymarket without disclosing financial ties, following...