[U.S. Lawmaker Proposes Legislation to Ban Congress Members from Betting on Prediction Markets, Watchdog Calls for Expansion to All Federal Employees] BlockBeats News, June 21: U.S. Representative Bryan Steil introduced the 'Banning Insider Trading in Congress Act,' which aims to prohibit Congress members, their spouses, and children from betting on prediction market contracts related to government policies or actions. Violators would face a civil fine of $2,000 or 10% of the transaction amount (whichever is higher) and would be required to forfeit all profits. The government watchdog group 'Project On Government Oversight' (POGO) welcomed the proposal but criticized the bill for being too narrow in scope, urging the ban to be extended to all officials and staff across the executive, legislative, and judicial branches of the federal government. POGO pointed out that current laws impose almost no restrictions on conflicts of interest for federal employees, and the emergence of prediction markets has further amplified the risk of insider information being abused. This not only creates unfair competition but could also distort public policy decisions. Currently, public approval of the U.S. Congress stands at just 24%. Regulatory gaps have already led to real-world cases: U.S. Army Special Forces Sergeant Cannon Van Dyke has been accused of using classified military intelligence to profit from bets on Polymarket. The case is scheduled for trial on December 7. Additionally, the Anti-Corruption Data Alliance has tracked over $9.3 million in high-yield bets closely tied to military actions in Venezuela and Iran, raising suspicions of insider trading. Previously, Steil's 'Stop Insider Trading Act' passed the House Administration Committee in January but has seen no further progress to date.