Rep. Bryan Steil (R-WI) announced plans to amend H.R. 7008, the congressional stock ban bill, to cover prediction markets like Polymarket and Kalshi. The bill currently prohibits lawmakers, spouses, and dependents from purchasing new stocks, with fines for violators. Steil argued that prediction market trades on elections or public policy should also be restricted. The move follows broader federal scrutiny: the Senate passed a resolution in April banning members from prediction platforms, and House Oversight launched investigations into Polymarket and Kalshi over alleged insider trading. White House aides were also instructed in March to avoid such wagers. H.R. 7008, reported to the House in February, has stalled but may see a vote this summer. Steil's comments highlight concerns about market integrity and national security, referencing a soldier's trades on military activity. The bill does not yet cover digital assets explicitly.

Key facts

• Rep. Steil wants to amend H.R. 7008 to cover prediction markets like Polymarket.
• The bill bans lawmakers and families from buying new stocks, with fines for violators.
• Senate passed a resolution in April banning members from prediction platforms.
• House Oversight launched investigations into Polymarket and Kalshi for insider trading.
• White House aides were instructed in March to avoid prediction market wagers.