Sen. Bernie Moreno‘s (R-OH) resolution to ban U.S. senators from trading on prediction markets unanimously passed the upper chamber on Thursday.
The resolution takes effect immediately, meaning Senate members, staff, and officers are no longer allowed to place bets on or use prediction markets like Polymarket or Kalshi. The participation of government officials and lawmakers on these platforms poses both insider trading and national security concerns.
Moreno celebrated the unanimous vote, saying, “Americans deserve to know that their leaders are here for the right reason!”
“United States Senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period,” Moreno said in a statement. “Serving in Congress should never be about finding new ways to profit; it should be about delivering results for the American people.”
The Senate passed the bill via voice vote on Thursday afternoon. The final legislation also included an amendment from Sen. Alex Padilla (D-CA) that added several points, including banning Senate officers and employees from using the platforms and recommending that the House, executive branch, and judiciary take similar actions to self-regulate.
Sen. Chuck Schumer (D-NY) told Politico that it is “a good thing that the Senate is moving swiftly.”
“Speaker Johnson should immediately do the same thing in the House,” Schumer said.
SOLDIER CHARGED WITH MAKING OVER $400,000 ON MADURO RAID BET PLEADS NOT GUILTY
The resolution comes two days after prediction markets were in the news related to the mission to capture former Venezuelan dictator Nicolas Maduro. U.S. Army soldier Gannon Ken Van Dyke pled not guilty to charges from prosecutors who accused him of placing a prediction market bet on Maduro’s capture using classified information from the military operation.
Van Dyke allegedly won over $400,000 from his bet on the operation.