House Members and staff could not trade in most markets that pay out based on future events. Lawful insurance and lawful sports betting would still be allowed.
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Amending the Rules of the House of Representatives to prohibit Members, officers, and employees of the House of Representatives from participating in prediction markets in certain cases, and for other purposes. is a House bill in committee. The latest recorded action: Referred to the Committee on Ethics, and in addition to the Committees on the Judiciary, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Latest action on H.Res. 1248: Referred to the Committee on Ethics, and in addition to the Committees on the Judiciary, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Who this affects: This bill mainly affects people who work in the House of Representatives. It would limit the kinds of event-based financial bets they can make. Prediction market platforms could also feel some effect because House officials would no longer be allowed to use many of their products. The executive and judicial branches are not directly covered, but the resolution urges them to adopt similar rules.
Why this matters: This matters because House officials can affect, learn about, or vote on events that people may bet on. The bill tries to stop them from making money from those kinds of bets. It could help avoid both real conflicts and the appearance of conflicts. It also raises line-drawing questions because some event-based betting would still be allowed.
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