U.S. Rep. Bryan Steil Proposes Bill Banning Congress Members from Betting on Policy Events on Kalshi, Polymarket

According to Cointelegraph, on June 20, U.S. Rep. Bryan Steil (Wisconsin) proposed the Restrict Legislators' Ability to Trade on Prediction Act, which would ban congressional members, their spouses, and dependent children from using policy-related event contracts on prediction market platforms including Kalshi and Polymarket.

Violators would face a $2,000 fine or be required to pay 10% of the amount they bet on the platform. The bill would apply to bets on government policies, government actions, and political outcomes such as election results, but would not prohibit legislators from wagering on sports events. If passed by Congress and signed into law, the legislation would take effect 180 days after enactment.