The review of the forecast market by the United States Congress continued to expand. Bryan Steel, a Republican member of the House of Representatives, introduced a new bill to restrict the participation of members of Parliament and members of their immediate families in the bets related to policy, government behaviour and election results.
No bets on parliamentarians and family members.
Steel currently chairs the Executive Committee of the House of Representatives. He stated that the bill was designed to prevent elected officials from taking advantage of information not yet available to the public and to respond to external concerns about the involvement of politicians in forecasting market transactions.
According to the text of the bill, the restrictions include members of Parliament, their spouses and dependent children, and cover the subject matter of the pledge, including legislative results, government actions and election results.
Infringement refers to the proceeds and the source of funds.
According to the proposal, the offender is liable to a fine of US$ 2000 or 10 per cent of the stated amount, whichever is higher; if the bet has generated profits, the proceeds must be returned.
At the same time, the Act provides that members of Parliament may not pay a fine from office funds, allowances paid by taxpayers or campaign donations. Cases may be referred to the United States Department of Justice for civil recovery if they remain outstanding after departure.
Pollymarket and Kalshi review upgrade
According to the Steel Office, the bill continues to be expanded on the basis of legislation previously promoted by Congress on insider trading restrictions. Steil has also expressed the wish to add a similar provision to another bill prohibiting members of Parliament from trading in shares, but the latter has not been put to a vote since the adoption of the Commission in February this year.
This proposal was preceded by a number of related actions in Washington. In April this year, the United States Senate passed a resolution prohibiting senators and staff from using the forecast market; in May, the House Oversight Committee launched a survey of Kalshi and Polymarket, focusing on whether insider information transactions exist on the platform.
Such a review is also related to a recent case. The Chief of Staff of the United States Army, Gannon Ken Van Dyke, was arrested in April of this year, and the prosecution accused him of using confidential information to bet and profit over $400,000 on the removal of the Polymarket of lás Maduro around Venezuelan President N.D. Van Dyke has pleaded not guilty and the case is scheduled to start in December.