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The Senate unanimously passed on Thursday a resolution introduced by Sen. Bernie Moreno (R-Ohio) that bans Senators, Officers, and staff from participating in prediction markets.
Senate Says No To Prediction Market Wagering
The Senate agreed to pass the resolution “effective immediately,” according to an update on Moreno’s official Senate website.
The resolution alters the Senate’s standing rules, preventing lawmakers from entering financial agreements where the “outcome depends on whether a specific event does or does not happen.”
“Serving in Congress should never be about finding new ways to profit; it should be about delivering results for the American people,” said Moreno. “Senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period.”
Kalshi CEO Tarek Mansour applauded the Senate’s decision, saying, “This is a great step to increase trust in our markets by making it an industry standard. Now, let's pass this in the House!”
Cases Of Insider Trading
A recent revealed that Polymarket insiders were profiting significantly from war bets. It found low-probability bets in war markets win at more than triple the rate prices suggest they should.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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