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The U.S. Senate unanimously passes a resolution prohibiting senators from participating in prediction market trading
Deep Tide TechFlow News. On May 01, according to The Block, the U.S. Senate unanimously passed S. Res. 708 on Thursday, with immediate effect, prohibiting senators from trading on prediction markets. The resolution was introduced by Senator Bernie Moreno and is intended to prevent insider trading.
Previously, a Polymarket account was suspected of using insider information to bet on the ouster of Venezuelan President Maduro and profited 400,000 US dollars. Active-duty soldier Gannon Ken Van Dyke has been arrested as a result and is currently denying the allegations.
Kalshi founder Tarek Mansour and Polymarket both publicly stated their support for the resolution. Polymarket said that its platform rules already prohibit this kind of behavior and that it will actively cooperate to push forward the legislative process.