House GOP adds prediction market betting ban for members of Congress
What's next: The proposal would fine violators $2,000 or 10% of a trade, and still needs Senate passage.
Rep. Bryan Steil of Wisconsin is adding a provision to a pending House bill that would bar members of Congress and their families from betting on prediction markets tied to politics, policy and elections. The measure would be folded into broader legislation that blocks lawmakers from buying new shares of individual stocks, except shares purchased with dividends from existing holdings. House Republicans have promised a floor vote on the stock-trading bill, which is backed by Speaker Mike Johnson and President Donald Trump. Steil's proposal would require lawmakers who place banned bets using insider knowledge to forfeit any gains and pay either $2,000 or 10% of the transaction's value, whichever is greater. Sports betting on prediction markets would still be allowed.