Senate unanimously bans members from prediction markets

The U.S. Senate unanimously banned members and staff from using prediction markets like Kalshi and Polymarket, citing insider trading concerns. The rule is effective immediately.

The U.S. Senate has unanimously passed a resolution that immediately prohibits its members and staff from participating in prediction markets. This new rule targets platforms such as Kalshi and Polymarket, where users can bet on political outcomes, policy decisions, and other real-world events. The measure was introduced amid rising concerns about insider trading and the misuse of non-public government information for personal gain. It also addresses contracts tied to sensitive topics like death and violence. The resolution amends Senate rules to forbid agreements based on specific events, with enforcement handled by the Senate Ethics Committee. Senator Bernie Moreno introduced the measure, which received bipartisan support and calls for similar regulations in the House. Recent incidents, including the suspension of federal candidates and the arrest of a military member for using classified information to place bets, have increased the urgency for this ban. Industry leaders, including Kalshi's CEO, have voiced support for the Senate's decision.