Midland Daily News: McDonald Rivet bars office staff from using prediction markets
U.S. Rep. Kristen McDonald Rivet announced a new ethics policy Thursday prohibiting employees in her congressional office — including herself — from participating in online prediction markets, citing concerns about insider trading and public trust.
The Bay City Democrat said the policy is intended to prevent government officials from profiting from confidential information obtained through their public service roles. The congresswoman represents Michigan’s 8th Congressional District, which includes Midland, Bay and Genesee counties.
“Too many public officials have gotten rich betting on insider information from their jobs. Not in my office,” McDonald Rivet said in a statement. “People in mid-Michigan deserve to know we work for them, not our own wallets.”
Prediction markets allow users to wager money on the outcome of current events, including elections, economic trends, foreign affairs and other political developments. Critics have increasingly raised concerns that elected officials, campaign staff and government employees could use nonpublic information to gain an advantage on such platforms.
Under the new policy, all full-time and part-time employees, interns and fellows working in McDonald Rivet’s office are barred from participating in prediction markets through websites, mobile applications or similar platforms. The restriction applies specifically to political and event-based wagering systems and does not prohibit lawful personal gambling activities such as sports betting.
McDonald Rivet framed the move as part of a broader anti-corruption agenda she has pursued since taking office. Last year, she unveiled a package of ethics reforms aimed at Congress, the White House and the U.S. Supreme Court. She has also publicly backed legislation to ban members of Congress from trading individual stocks while in office.
In addition, McDonald Rivet has called on the U.S. Department of Justice to prioritize investigations into potential insider trading tied to prediction markets, arguing that current regulations have not kept pace with the growth of online wagering platforms.