Overview
- Rep. Bryan Steil said Thursday he will seek to add language to H.R.7008 that would bring prediction-market platforms such as Polymarket and Kalshi under the bill’s restrictions.
- H.R.7008, as reported out of committee, would ban members of Congress, their spouses, and dependents from buying individual stocks and require seven days’ public notice before planned sales with fines and forfeiture for violations.
- Steil’s planned amendment would not ban all wagers but would prohibit contracts tied to elections, government action, or public policy while leaving sports and entertainment markets allowed.
- House Oversight Chair James Comer has opened investigations into Polymarket and Kalshi over trades linked to nonpublic information, and platforms have begun tightening identity checks and suspending accounts after apparent candidate trades.
- If the House adds the language and votes this summer, the change could extend congressional ethics penalties to political wagers, sharpen fights over federal versus state oversight of prediction markets, and trigger further regulator scrutiny of consumer protections.