House Administration Committee Chair Works on Bill to Ban Lawmakers from Election Prediction Market Bets

Rep. Bryan Steil, who chairs the House Administration Committee, told reporters this week that he is preparing legislation to bar current lawmakers, former federal officeholders, and candidates from placing bets on election and policy outcomes through prediction markets.

Steil said the bill would not restrict bets on non-political events such as sports contests. He stated that the goal is to prevent the appearance of using public office for personal gain when participants may have access to non-public information.

Current congressional actions The Senate has already updated its internal rules to prohibit senators and their staff from betting on prediction markets. Steil said the House is seeking a statutory ban rather than a rules change and plans to attach the language to legislation that would restrict stock trading by members of Congress.

That stock-trading measure cleared committee earlier this year but has not received a floor vote.

Regulatory and market considerations Lawmakers are also examining how to address prediction markets operated outside the United States. Steil said any U.S.-regulated platforms should operate under domestic rules and protect consumers from external transactions.

Kalshi and Polymarket representatives met with lawmakers this week to discuss regulatory treatment. The Commodity Futures Trading Commission has stated in court filings and public statements that it holds exclusive regulatory authority over prediction markets.

Kalshi has previously flagged and fined candidates who used non-public information about their own races to place bets. Polymarket currently bars U.S. users from its main exchange while seeking a U.S. regulatory foothold.