House Administration Committee Chairman Bryan Steil has introduced the Stop Lawmakers from Predicting Act, which seeks to prohibit elected officials, their spouses and their children from trading on political event contracts.
“The American people deserve to know their Member of Congress is not profiting off insider information,” Steil said.
“The Stop Lawmakers from Predicting Act ensures that cannot happen. This legislation is critical to restoring the public’s trust in their elected officials. Lawmakers should be writing policy, not wagering on its outcome.”
Such prediction markets would include contracts related to elections and other political outcomes, government policy and government actions. According to Steil, the legislation has garnered support from President Donald Trump and House Speaker Mike Johnson.
The Stop Lawmakers from Predicting Act would ban trading “on any other event which has come to the attention of a covered individual as a result, directly or indirectly, of the service of a Member of Congress… regardless of any connection to the congressional duties of such Member.”
Along with President Trump and House Speaker Johnson’s support, Republicans in the House of Representatives are motivated to see Steil’s legislation receive a vote on the chamber floor.
On June 17, organizations such as the American Gaming Association, Indian Gaming Association and Association of Gaming Equipment Manufacturers penned a letter to US Senators in hopes of banning event contracts tied to sports and casino-style gaming.
Such language would be included within legislation tied to crypto market structures, with the request stating each organization is “united in our concern that prediction markets have fueled the largest expansion of gambling in US history over the past 18 months.”
Fellow Tribal organizations such as the California Nations Indian Gaming Association, Oklahoma Indian Gaming Association and the National Congress of American Indians also sent the request to US Senators.
The NCPG defended its new Financial Services & Trading organizational membership subcategory on June 16, arguing it was created to address risk in products functioning similarly to gambling
