US Congressman Introduces Bill to Bar Lawmakers, Families From Political Prediction-Market Bets
Summary
- Rep. Bryan Steil has introduced a bill to ban political prediction-market betting by members of Congress and their families.
- The bill would restrict federal senators, House members and their immediate family members from profiting from prediction markets tied to political outcomes.
- Market participants say the measure, if passed, could help reduce conflict-of-interest concerns between politicians and prediction markets.
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Rep. Bryan Steil has introduced a bill that would bar members of Congress and their immediate family members from betting on political prediction markets.
The measure would prohibit federal senators, House members and their immediate family members from profiting from prediction markets tied to political outcomes, crypto-focused media outlet The Block reported on June 18.
Americans have a right to know their representatives are not using inside information for personal gain, Steil said.
He added that the bill is important to restoring trust in elected officials. Lawmakers should focus on making policy, not betting on its outcomes, he said.
Prediction-market platforms have grown more influential in the US in recent years, prompting concerns about potential participation by politicians and possible conflicts of interest.
If enacted, the bill could help ease conflict-of-interest concerns between politicians and prediction markets, according to market participants.
JH Kim
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