The U.S. Senate has passed a bipartisan resolution that bans senators from making bets on prediction markets like Kalshi (KALSHI) and Polymarket (POLYMARKET) amid mounting insider trading concerns.
The ban was passed unanimously and is effective immediately. The measure applies to senators, officers and staff at the Senate.
"Serving in Congress is an honor, not a side hustle," Sen. Bernie Moreno (R-OH), who introduced the resolution, posted on X after the vote. "Americans deserve to know that their leaders are here for the right reason!"
Polymarket (POLYMARKET) said it is in full support of this. "Our Rulebook & Terms of Service already prohibit such conduct, but codifying this into law is a step forward for the industry," it added.
"Kalshi (KALSHI) already proactively blocks members of Congress and enforces against insider trading," its CEO Tarek Mansour said. "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!"
The Senate ban comes a week after a U.S. soldier involved in the capture of Nicolás Maduro was charged with using classified information to make $400,000 by betting on the Venezuelan leader's ouster.
Earlier this month, the White House warned staffers against using confidential, privileged information to trade on prediction markets.
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