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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.<\/p>\n
House Administration Committee Chair Bryan Steil plans to attach prediction market provisions to H.R. 7008<\/a>, the House\u2019s stalled stock trading ban bill, before it reaches the floor, Bloomberg Government reported<\/a> Thursday.<\/p>\n Steil said he expects House leaders to schedule a vote on the measure, which would combine stock trading limits with new restrictions on lawmakers\u2019 use of prediction markets.<\/p>\n The push comes amid growing scrutiny of prediction markets and renewed efforts to tighten rules on lawmakers\u2019 financial trading<\/a>.<\/p>\n Steil\u2019s proposal does not seek to ban prediction markets outright for members of Congress, but would restrict certain types of contracts lawmakers could trade. He said 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.<\/p>\n Steil said the House still lacks clear rules for how members should engage with prediction markets.<\/p>\n \u201cI don\u2019t think this is a critique of the underlying product one way or the other,\u201d Steil said.<\/p>\n Related: <\/strong><\/em>Polymarket users cry foul after Strategy sale market resolves to \u2018no\u2019<\/strong><\/em><\/a><\/p>\n According to a Friday report<\/a> by Politico, influencers promoted Polymarket after receiving payments linked to the company\u2019s chief marketing officer.<\/p>\n PayPal transaction records reviewed by Politico show 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.<\/p>\n At least 20 creators later posted about Polymarket on X, often without disclosing financial ties, including figures such as Brian Krassenstein and Riley Gaines.<\/p>\n Cointelegraph reached out to Polymarket for comment on the promotions but had not received a response by publication.<\/p>\n Source: <\/em>Brian Krassenstein<\/em><\/a><\/p>\n Polymarket attracted attention in 2024 after users successfully bet on Donald Trump\u2019s election victory, reinforcing claims that prediction markets can reflect political outcomes in real time.<\/p>\n Prediction markets have also faced regulatory pushback in multiple jurisdictions<\/a> over election-related contracts, gambling concerns and alleged insider-style trading.<\/p>\nNo full ban on lawmakers\u2019 prediction market use in Steil proposal<\/h2>\n
Politico says influencers promoted Polymarket after payments<\/h2>\n