Senate Approves Bipartisan Ban on Members Using Prediction Markets
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The Senate has approved a bipartisan resolution to prevent its own members from using prediction markets, banning senators who are often privy to sensitive information from making bets on upcoming events.
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FortuneThe Senate has approved a bipartisan resolution to prevent its own members from using prediction markets, banning senators who are often privy to sensitive information from making bets on upcoming events.
CNBCThe U.S. Senate on Thursday unanimously passed a rule barring senators from trading on prediction markets effective immediately.
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Prediction markets, including the betting platform Polymarket and its chief rival Kalshi, have come under scrutiny as the business has expanded. Polymarket has received particular criticism as a venue for offshore trades that are beyond the reach of U.S. regulators.
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Washington Times BusinessPrediction markets, including the betting platform Polymarket and its chief rival Kalshi, have come under scrutiny as the business has expanded. Polymarket has received particular criticism as a venue for offshore trades that are beyond the reach of U.S. regulators.
CNBCThe move came amid rising concern about insider trading on prediction market platforms such as Kalshi and Polymarket, and about event contracts that can involve death or violence.
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The measure that passed unanimously by voice vote Thursday was written as a change to the Senate’s rules, so it will go into effect immediately. It comes a week after a U.S. special forces soldier was charged with using classified information to bet on the January capture of Venezuela’s then-president, Nicolas Maduro, and as lawmakers increasingly voice concerns about who might be making public wagers on the war with Iran.
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Washington Times BusinessThe measure that passed unanimously by voice vote Thursday was written as a change to the Senate’s rules, so it will go into effect immediately. It comes a week after a U.S. special forces soldier was charged with using classified information to bet on the January capture of Venezuela’s then-president, Nicolas Maduro, and as lawmakers increasingly voice concerns about who might be making public wagers on the war with Iran.
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Senate Democratic leader Charles E. Schumer of New York said the move was a “no-brainer.” He encouraged the House and Trump administration to do the same.
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FortuneSenate Minority Leader Chuck Schumer, D-N.Y., said the move was a “no-brainer.” He encouraged the House and Trump administration to do the same.
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The administration has been a key ally of the growing prediction market industry in a legal fight with states seeking to ban the platforms. Donald Trump Jr., the president’s eldest son, is an adviser for both Polymarket and Kalshi. Trump’s social media platform Truth Social is also launching its own cryptocurrency-based prediction market called Truth Predict.
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Washington Times BusinessThe administration has been a key ally of the growing prediction market industry in a legal fight with states seeking to ban the platforms. Donald Trump Jr., the president’s eldest son, is an adviser for both Polymarket and Kalshi. President Trump’s social media platform Truth Social is also launching its own cryptocurrency-based prediction market called Truth Predict.
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01 CNBC On April 22, Kalshi said it had suspended and fined one U.S. Senate candidate and two candidates for the House of Representatives for political insider trading on their own campaigns.
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