House Republicans are moving to add prediction market restrictions to a stalled ban on Congressional stock trading as they scrutinize whether members of Congress should be allowed to bet on elections and public policy.
House Administration Committee Chairman Brian Steele plans to add a prediction market provision to HR 7008, the stock trading ban stalled in the House, before it reaches the House floor, Bloomberg Government reported Thursday.
Steil said House leaders are expected to vote on a bill that would combine stock trading restrictions with new restrictions on lawmakers’ use of prediction markets.
The move comes amid increased scrutiny of prediction markets and new efforts by lawmakers to tighten regulations on financial transactions.
Steil’s proposal does not include a complete ban on the use of prediction markets by lawmakers.
Steil’s proposal would not ban lawmakers from prediction markets entirely, but it would limit the specific types of contracts they can trade. He said bets related to sports and entertainment outcomes, such as the Super Bowl, would still be allowed, but contracts related to elections and public policy would be restricted.
Steil said the House still lacks clear rules on how lawmakers should engage in prediction markets.
“I don’t think this is a criticism of the underlying product one way or the other,” Steil said.
Related: Polymarket users complain after Strategy Sale Market resolution is ‘no’
Politico claims influencers promoted Politimarket after being paid
Politico reported Friday that the influencers promoted Polimarket after receiving compensation related to the company’s chief marketing officer.
PayPal transaction records reviewed by Politico show at least $350,000 in payments made through chief marketing officer Matthew Modaver’s personal account, as well as broader flows of more than $2.5 million to hundreds of recipients over a 14-month period.
Since then, at least 20 creators have posted about Polymarket on X, including people like Brian Klassenstein and Riley Gaines, many of whom did not disclose their financial relationships.
Cointelegraph reached out to Polymarket for comment on the promotion, but did not receive a response in time for publication.
Source: Brian Klassenstein
Polymarket rose to prominence in 2024 after users successfully bet on Donald Trump’s election victory, reinforcing claims that prediction markets can reflect political outcomes in real time.
Prediction markets have also faced regulatory backlash in multiple jurisdictions over election-related contracts, gambling concerns and allegations of insider trading.
Magazine: Should users be allowed to bet on war and death in prediction markets?
