Senate Unanimously Bans Prediction Markets for Members, Staff

The U.S. Senate unanimously passed a resolution on Thursday banning its members, staff and officers from trading on prediction markets, effective immediately, in response to concerns over potential insider trading by those with access to nonpublic information.

Senate Resolution 708, led by Sen. Bernie Moreno, R-Ohio, prohibits senators, officers and employees from entering agreements, contracts or transactions based on the occurrence or extent of specific future events. An amendment from Sen. Alex Padilla, D-Calif., expanded the ban to explicitly include staff. The measure passed by unanimous consent after brief debate and urges the House of Representatives, executive branch and judicial branch to adopt similar restrictions.

Lawmakers cited growing ethical risks posed by platforms such as Polymarket and Kalshi, where users bet on outcomes including political events, military actions and policy decisions. "United States senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period," Moreno said on the Senate floor.

The action follows several high-profile incidents. Federal prosecutors charged U.S. Army...