Written by Helen Partzstaff writerReviewed by Bryan O’Sheastaff editor
Written by Helen Partzstaff writer
Reviewed by Bryan O’Sheastaff editor
House GOP eyes summer vote on prediction market restrictions for lawmakers
Latest NewsPublishedJun 5, 2026
House Republicans plan a summer vote on a congressional stock trading ban and new restrictions on lawmakers’ prediction market activity.
Republicans in the US House of Representatives are moving to add prediction market restrictions to a stalled congressional stock trading ban, as lawmakers scrutinize whether members of Congress should be allowed to wager on elections or public policy.
House Administration Committee Chair Bryan Steil plans to attach prediction market provisions to H.R. 7008, the House’s stalled stock trading ban bill, before it reaches the floor, Bloomberg Government reported Thursday.
Steil stated he anticipates House leaders to schedule a vote on the measure, which would combine stock trading limits with new restrictions on lawmakers’ utilize of prediction markets.
The push comes amid growing scrutiny of prediction markets and renewed efforts to tighten rules on lawmakers’ financial trading.
No full ban on lawmakers’ prediction market utilize in Steil proposal
Steil’s proposal does not seek to ban prediction markets outright for members of Congress, but would restrict certain types of contracts lawmakers could trade. He stated bets tied to sports or entertainment outcomes, such as the Super Bowl, would remain allowed, while contracts tied to elections or public policy would be limited.
Steil stated the House still lacks clear rules for how members should engage with prediction markets.
“I don’t think this is a critique of the underlying product one way or the other,” Steil stated.
Related: Polymarket users cry foul after Strategy sale market resolves to ‘no’
Politico says influencers promoted Polymarket after payments
as reported by a Friday report by Politico, influencers promoted Polymarket after receiving payments linked to the company’s chief marketing officer.
PayPal transaction records reviewed by Politico demonstrate at least $350,000 in payments routed through a personal account tied to CMO Matthew Modabber, alongside a broader flow of more than $2.5 million to hundreds of recipients over 14 months.
At least 20 creators later posted about Polymarket on X, often without disclosing financial ties, including figures such as Brian Krassenstein and Riley Gaines.
Cointelegraph reached out to Polymarket for comment on the promotions but had not received a response by publication.
Source: Brian Krassenstein
Polymarket attracted attention 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 pushback in multiple jurisdictions over election-related contracts, gambling concerns and alleged insider-style trading.
Magazine: Should users be allowed to bet on war and death in prediction markets?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
- Prediction Markets
- Congress
- Policy
- Polymarket
- Kalshi
- United States
- Regulation
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