PANews, June 20 – According to Cointelegraph, Wisconsin Representative Bryan Steil has introduced the "Preventing Legislators from Speculating Act," which proposes to prohibit "members of Congress, their spouses, and dependent children" from using policy-related event contracts on prediction market platforms such as Kalshi and Polymarket. The bill proposes that elected officials in violation would face a fine of $2,000 or pay 10% of the prohibited bet amount placed on the platform.

The bill does not explicitly ban U.S. lawmakers from using prediction market platforms or betting on sporting events, but it does prohibit betting on specific government policies, government actions, and "political outcomes" (which may include election results). If the bill passes Congress and is signed into law by the President, it could take effect 180 days after enactment.