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- Members of the U.S. Senate unanimously approved a resolution banning themselves from participating in the prediction markets
- Sen. Bernie Moreno today (R-OH) presented the resolution to the Senate
- The resolution encourages the House, judiciary, and executive branch to pass a similar rule
The U.S. Senate today unanimously approved a resolution banning its members, and staff, from making prediction market trades.
The unanimous voice vote came after U.S. Senator Bernie Moreno (R-OH) today introduced the resolution. No Senator objected to the measure, meaning a formal roll call did not have to be taken on the Senate floor for its passage.
“Engaging in any way in a prediction market, or trying to place bets where we might have inside information, deteriorates the confidence our constituents have in us.,” Moreno said before the vote.
Concerns Over Prediction Market Insider Trading
Moreno’s simple resolution does not have to be approved by the House of Representatives to go into effect. As of today, no member of the U.S. Senate is allowed to trade on the prediction market.
“By changing the standing rules of the Senate, what we’re doing is allowing our constituents to know once and for all that no member of the U.S. Senate, no member of the staff of the U.S. Senate, can ever use that inside information as a way to monetize this job whatsoever,” he said.
Moreno’s resolution also encourages the House, judiciary, and executive branch to pass a similar rule.
The Senate prohibition came during rising concerns over insider trading on the prediction markets. The CFTC last week charged Gannon Ken Van Dyke of North Carolina, a service member in the U.S. army, who allegedly used classified nonpublic information to profit on the U.S. government operation to oust Venezuelan President Nicolás Maduro.
Van Dyke allegedly purchased more than 436,000 “yes” shares of the “Maduro Out by January 31, 2026?” contract listed on Polymarket.com to generate $404,000 in revenue.
Additionally, NPR reported a user named “Magamyman” profited $553,000 placing bets on Polymarket regarding Iran’s Supreme Leader, Ayatolla Ali Khamenei, hours before an Israeli air strike killed him in late February.
Kalshi Applauds Passage of Bill
Tarek Mansour, co-founder and CEO of Kalshi, took to X after the bill’s approval to applaud its passage. The prediction market company, Mansour noted, already blocks members of Congress from trading on its platform.
“I applaud the Senate for passing this resolution to ban Senators and their offices from trading on prediction markets. Kalshi already proactively blocks members of congress and enforces against insider trading. 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!”