The U.S. Senate on Thursday unanimously approved a resolution banning its members and employees, who frequently handle sensitive information, from using prediction markets.
The resolution, adopted unanimously, changed the regulations of the Senate and entered into force with immediate effect.
“Engaging in any way in the prediction market or attempting to place bets where we may have confidential information degrades the trust our voters have in us,” Republican Sen. Bernie Moreno, who introduced the resolution, said on the Senate floor.
“By amending the Senate standing rules, we are letting our constituents know once and for all that no member of the United States Senate or any staff member of the United States Senate may ever use this confidential information to monetize their job in any way,” he added.
Source: Bernie Moreno
The resolution comes after a special forces soldier involved in the plan to capture former Venezuelan President Nicolás Maduro was charged last week, April 23, with using secret information to place bets on Polymarket, as lawmakers also raise concerns about exact bets on the Iran war. He pleaded not guilty.
Senate Democratic leader Chuck Schumer said on the Senate floor that “of all the issues we debate in Washington, this one clearly falls into the ‘obvious’ category.”
“We can never allow Congress to turn into a casino where members representing the public can bet on wars, economic crises or elections,” he said.
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“We should go further; it’s a good start, but not enough,” Schumer said. “The administration and its employees must also apply the same principles, especially an administration that has such a disturbing affinity for corruption and self-centeredness.”
Republican Party Representative Ashley Hinson sent to X that he will introduce a similar resolution banning the apply of prediction markets in the House.
Polimarket sent to X that he fully supported the Senate resolution and that its terms of service “already prohibit such conduct, but codifying it into law is a step forward for the industry.”
Tarek Mansour, co-founder and CEO of competitive marketplace Kalshi, also celebrated the resolution in: post on X, adding that it “already proactively blocks members of Congress and enforces the insider trading ban.”
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