House Oversight Staff Urge Limits on Officials’ Prediction Market Trades

Federal employees, lawmakers and congressional aides could face limits on bets tied to government decisions or political contests, even when they do not use confidential information, under a proposal staff urged Congress to consider. The Nov. 13 staff memorandum is a recommendation, not an enacted restriction. Staff proposed limiting those categories of contracts at a minimum and presented a broader ban on officials’ prediction market trading as an option. They also recommended information sharing between platforms and regulators to help enforce restrictions. Each event contract resolves to either a yes or a no.