The Republican lawmaker plans to add prediction markets to Congress’ stock ban bill

Rep. Brian Steele (R-Wis.) noted Thursday that the restrictions lawmakers would face under a bill aimed at stopping insider stock trading on Capitol Hill should also apply to prediction markets.

Steele, who leads the House Administration Committee, told reporters during a roundtable that lawmakers plan to add language to the stock ban bill to cover platforms like Polymarket and Kalshi, according to Bloomberg government.

“In my conversations with members and just with the general public, I don’t think anyone believes that members of Congress should be making trade-offs on elections or trade-offs on public policy,” he said.

The bill, known as H.R. 7008, would completely prohibit lawmakers, spouses and dependents from purchasing publicly traded stocks, and require them to file publicly disclosed “intent to sell” notices at least seven days before sales occur. Violators face fees equal to $2,000 or 10% of the investment value – whichever is greater – in addition to the confiscation of any gains made.

The bill, which was introduced to the House of Representatives in February, does not explicitly cover digital assets in its draft Latest version. Steele’s comments come amid growing backlash from lawmakers who assert that these platforms have the potential to undermine market integrity or threaten national security, often pointing to the actions of a US soldier. The alleged one Trade in military activity in Venezuela.

The bill has been dormant since it cleared committee hurdles in February and was added to the Senate calendar, making it eligible for debate and a vote before the Senate gets a chance to consider it. Steele reportedly said he hopes the House can vote on the bill this summer.

Late last month, House Oversight Committee Leader James Comer (R-Ky.) said, Fired Investigations into Polymarket and Kalshi, saying that “the increasing pattern of insider trading activity on predictive market platforms suggests that congressional action may be necessary.”

The push to clamp down on lawmakers’ use of prediction markets follows the Senate corridor From a decision issued in April to ban members from the platforms. This decision represents the first major regulatory action preventing government officials from making such bets

Meanwhile, White House aides were instructed in March not to bet on prediction markets The Wall Street Journal. The directive reportedly came a day after President Donald Trump revealed a temporary halt to fighting in the Middle East on social media.