Written by Jesse Coghlan, Staff Editor. Reviewed by Felix Ng, Staff Editor.
Written by Jesse Coghlan, Staff Editor.
Reviewed by Felix Ng, Staff Editor.
US Senate bans itself from betting on prediction markets
Latest NewsPublishedMay 1, 2026
US Senate Takes a Stand Against Insider Trading
The US Senate has unanimously passed a rule banning its members and staff from participating in prediction markets, a move that aims to prevent insider trading and maintain public trust. This decision comes after concerns were raised about the use of sensitive information to make informed bets on various platforms. By taking this step, the Senate is promoting transparency and accountability among its members.
According to Senator Bernie Moreno, who introduced the resolution, engaging in prediction markets can erode the confidence that constituents have in their representatives. By changing the Senate’s rules, members and staff are now prohibited from using inside information for personal gain. This move is seen as a positive step towards maintaining the integrity of the institution.
A Broader Impact
The resolution has sparked a wider discussion about the need for similar rules in other branches of government. Senate Democratic leader Chuck Schumer emphasized that Congress should not be allowed to become a place where members can gamble on sensitive issues, such as wars or economic crises. He also called for the administration and its employees to be subject to similar rules, citing concerns about corruption and self-dealing.
Other platforms, such as Polymarket and Kalshi, have also welcomed the resolution. They have stated that their terms of service already prohibit insider trading, but codifying this into law is a step forward for the industry. As the conversation around prediction markets and insider trading continues, it is likely that we will see more developments in this area.
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Related: Insider trading backlash forces Polymarket to step up surveillance
“We should go further; this is a good start, but not enough,” Schumer said. “The administration and its employees must apply these very same rules too, particularly this administration, which shows such a troubling affinity to corruption and self-dealing.”
Republican Representative Ashley Hinson posted to X that she would introduce a similar resolution to ban the use of prediction markets in the House.
Polymarket posted on X that it fully supported the Senate resolution and its terms of service “already prohibit such conduct, but codifying this into law is a step forward for the industry.”
Tarek Mansour, co-founder and CEO of rival prediction market platform Kalshi, also celebrated the resolution in a post on X, adding that it “already proactively blocks members of Congress and enforces against insider trading.”
Magazine: How to fix suspected insider trading on Polymarket and Kalshi
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