Wisconsin Congressman Bryan Steil introduced the “Preventing Legislators from Speculating Act,” a bill that would prohibit members of Congress, their spouses, and dependent children from using policy-related event contracts on prediction platforms such as Kalshi and Polymarket .
The bill also stipulates a penalty of $2,000 or 10% of the value of the prohibited bet, whichever is higher. If passed by Congress and signed into law by the President, the regulation could take effect after 180 days.
The text doesn't completely prohibit U.S. lawmakers from using sports prediction or betting platforms. However, it blocks bets on specific government policies, government actions, and "political outcomes," which could include election results.
It is unclear how much support the bill will receive in Congress. If passed, its scope would focus on political decisions and developments directly related to the role of federal lawmakers.
