Prediction market firms face growing scrutiny as Congress weighs regulation

Key points

• Bryan Steil, R-Wis., talks with reporters outside a meeting of the House Republican Conference in the U.S. Capitol on Wednesday, March 25, 2026. The leader of the congressional committee that oversees how the House functions says he is working on legislation to not only ban current lawmakers from making prediction markets bets on elections and politics but that he wants to expand that to former federal lawmakers and candidates for those offices.
• Bryan Steil, R-Wisc., who chairs the House administration committee, told reporters this week he doesn't see an issue in lawmakers betting on nonpolitical events, like the outcome of sports games.
• But betting on elections and policies — topics where they could have access to insider information — would be banned on platforms such as Kalshi and Polymarket.
• "There's an avenue to make sure, now that these new and kind of novel markets are available to consumers...