Rep. Bryan Steil, the Wisconsin Republican who chairs the House Administration Committee, has proposed legislation that would prohibit members of Congress, their families, and congressional staff from placing bets on political outcomes through prediction markets. The measure targets platforms like Polymarket and Kalshi, which have exploded in popularity as venues for wagering on elections and policy decisions.
The restrictions are set to be attached to H.R. 7008, the Stop Insider Trading Act, with Steil aiming for a House vote during the summer of 2026.
A bipartisan crackdown takes shape
The Senate already moved first, passing S. Res. 708 in late April 2026, which bans prediction market trading for senators and their staff. More than ten prediction-market-related bills have been introduced in the 119th Congress since January 2026.
The urgency intensified in May 2026, when the House Oversight Committee launched a probe into suspicious trades on Polymarket and Kalshi tied to election events. The investigation focused on whether individuals with nonpublic knowledge of political outcomes were using prediction markets to profit.
