Prediction Market Ban? Senator Brings Legislation Forward, Another Congressman Invests In Polymarket Backer

Prediction markets have surged in popularity over the last year and could be causing disruption to traditional sports betting companies. At least one senator wants to ban certain markets from being offered on the heels of the U.S. attack on Iran.

• Intercontinental Exchange shares are showing limited movement.

Senator Vs. Prediction Markets

Sen. Chris Murphy (D-Conn.) said recently he plans to introduce legislation to outlaw certain types of betting on prediction markets after some new accounts made millions of dollars on predicting the timing of an attack on Iran by the U.S.

With potential insider trading claims, Murphy said that it's "insane this is legal."

"People around Trump are profiting off war and death. I'm introducing legislation ASAP to outlaw this," Murphy said on social media.

Prediction markets have become a hot topic for regulation with the current White House administration more friendly to them and currently allowing companies like Polymarket and Kalshi to operate with minimal restrictions.

President Donald Trump's son Donald Trump Jr. is an investor and advisor to Polymarket.

Congressman Buys Intercontinental Exchange Shares

Among the largest prediction market companies in the world is Polymarket. The company took a $2 billion investment from Intercontinental Exchange Inc (NYSE:ICE) in 2025, with a valuation of around $8 billion.

Best known as the parent company of the New York Stock Exchange, Intercontinental can benefit from the growing popularity of prediction markets and Polymarket.

In a recent disclosure, Rep. Josh Gottheimer (D-N.J.) announced a $1,000 to $15,000 purchase of ICE stock. The trade was one of six stock transactions made in January, as reported by the Benzinga Government Trades page.

With the investment, which was one of two stock purchases by Gottheimer, the congressman is now an investor in a company that benefits from prediction markets, such as those on the outcomes in Iran.

This could put Gottheimer and Murphy at odds and see a struggle among the Democratic majority to push through changes for prediction markets. Gottheimer could, of course, be investing in the exchange companies for reasons outside prediction markets, but the Polymarket investment could be one of the keys to the company's valuation and future growth.

Gottheimer is not the only member of Congress to buy shares of Intercontinental Exchange over the last year.

Sen. Markwayne Mullin (R-Okla.) and Rep. Thomas Kean (R-N.J.) purchased shares in 2025 and have not sold them as of today.

Photo: Sen. Chris Murphy via Shutterstock