Magaziner Implements Office Policy Banning Participation in Prediction Markets

WARWICK, RI - Today, U.S. Representative Seth Magaziner (RI-02) announced that his office has implemented a new policy to prohibit staff including himself from participating in prediction markets or wagering related to political, legislative, regulatory, geopolitical, or other outcomes connected to information learned in an official capacity. The policy applies to platforms such as Polymarket and Kalshi.

The ban applies to all employees of Rep. Magaziner's congressional office.

Magaziner issued the following statement:

"We need to root out opportunities for corruption in Washington wherever it exists.

I am pushing to end insider trading in Washington, and I am ensuring my office leads by example. My team and I are laser focused on serving the people of Rhode Island's Second Congressional district, and will always hold ourselves to the highest ethical standards.

Washington will never work for working people if members of Congress and government officials can profit off their positions."

Prediction markets are online platforms that allow users to buy and sell contracts based on the outcome of future events including elections, the actions of Congress, and the actions of the Trump Administration.

High-profile examples of suspicious trading activity on political prediction markets include individuals placing bets on military action in Venezuela and Iran shortly before the launch of classified operations, and candidates betting on the outcomes of their own campaigns.

BACKGROUND:

Rep. Magaziner supports banning elected officials and government employees from profiting off insider information, including through prediction market platforms. He has taken several actions to advance that effort, including:

• Introducing leading legislation that bans members of Congress from trading individual stocks.
• Joining a resolution to ban members of the House of Representatives and employees from trading on prediction market platforms. The U.S. Senate recently passed similar legislation prohibiting senators and Senate staff from participating in prediction market trading.
• Joining as an original cosponsor of the bipartisan Preventing Real-time Exploitation and Deceptive Insider Congressional Trading (PREDICT) Act, which would prohibit senior government officials across all three branches of government from engaging in insider trading on prediction markets.
• Cosponsoring the Public Integrity in Financial Prediction Markets Act, legislation that would ban members of Congress, congressional staff, and executive branch officials from betting on government outcomes through prediction market platforms.