Steil to bar lawmakers from trading on prediction markets

Rep. Bryan Steil plans to add language to H.R.7008 that would bar members of Congress, their spouses and dependents from placing wagers on prediction markets that allow bets on elections and public policy outcomes.

The bill, H.R.7008, would ban lawmakers and their families from purchasing publicly traded stocks and require public “intent to sell” notices at least seven days before a sale. Violators would face fines of $2,000 or 10% of the investment’s value, whichever is greater, and would forfeit any realized gains.

Steil, who leads the House Administration Committee, told reporters he expects to add the prediction market language as the House prepares to take up the measure and is hopeful the chamber could vote on the bill this summer.

Lawmakers have expressed concern that officials or their family members could profit from non-public information or create conflicts by wagering on elections, pending legislation, regulatory actions or foreign policy decisions.

The Senate passed a resolution in April that prohibits its members from using prediction market platforms. The House Oversight Committee has opened investigations into platforms including Polymarket and Kalshi that focus on insider trading and wagers made using non-public information. Committee Chair James Comer announced the inquiry and cited a pattern of insider activity on these platforms.

Members of both parties cited specific cases they view as problematic, including an allegation that a U.S. service member placed trades tied to military activity in Venezuela. In March, White House staff were told not to place wagers on prediction markets after a policy announcement prompted rapid betting activity.

The version of H.R.7008 reported out of committee in February does not explicitly address digital assets or prediction markets. Steil’s planned amendment would extend the bill’s restrictions to those platforms, but lawmakers have not yet defined which services would be covered or which office would enforce the rules.

If the House approves an amended bill, it would move to the Senate and could be revised before final passage. Congressional investigators and ethics offices are expected to contribute to decisions about implementation and enforcement.