Republican lawmakers propose restricting members of Congress from profiting from prediction markets.

A Republican member of the House of Representatives has proposed a bill that aims to prohibit members of Congress from participating in certain prediction markets. This is the latest measure intended to address concerns from the public about lawmakers potentially using insider information for profit. The bill was introduced by Republican Congressman Bryan Steil of Wisconsin on Thursday. The bill would restrict members of Congress, as well as their spouses and dependent children, from betting on specific government policies, actions, and political outcomes. Members who violate this provision would be required to pay a penalty of $2,000 or 10% of the value of the trade and surrender any profits made from the bet. The bill comes as there is a push for further restrictions to regulate potential insider trading activities in the rapidly growing prediction markets.