What if we banned the president, the vice president, and members of Congress from trading on prediction market platforms altogether?
That’s what the “End Prediction Market Corruption Act,” introduced by Democratic Sens. Jeff Merkley of Oregon and Amy Klobuchar of Minnesota, would do.
“When public officials use non-public information to win a bet, you have the perfect recipe to undermine the public’s belief that government officials are working for the public good, not for their own personal profits,” Merkely said in a statement at the time.
The bill would also prevent senior executive branch officials from trading on outcomes they’re involved in or have influence over through their official duties.
In an appearance on Stripe’s “Cheeky Pint” podcast, Kalshi CEO Tarek Mansour said it was “not a bad idea” to ban members of Congress from trading on Kalshi altogether.
Another bill from Democratic Rep. Nikki Budzinski of Illinois and Republican Rep. Adrian Smith of Nebraska would also target politicians and their staffers, but would only prevent them from trading on political events, policy decisions, and government actions.
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