New Bill Seeks to Ban Lawmakers from Betting on Prediction Markets

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Rep. Steil has introduced a bill to prohibit lawmakers and their families from betting on prediction markets related to government policy. This legislative effort directly addresses ongoing concerns about insider trading on these platforms, a risk that has led to federal investigations and prompted Kalshi to implement its own anti-fraud measures. The bill adds to the significant regulatory pressure and legal challenges already facing Kalshi and the broader prediction market industry, including state-level bans and lawsuits.

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