The U.S. Senate bans senators and their staff from participating in prediction market betting

BlockBeats News, May 1 — The U.S. Senate unanimously passed a new regulation proposed by Ohio Republican Senator Bernie Moreno, prohibiting senators and their staff from participating in prediction market betting, with the restrictions taking effect immediately.

Under the new regulation, senators are not allowed to participate in any contracts or agreements that involve “payment, trading, or settlement based on whether a specific event occurs and the outcome,” including political prediction markets and other speculative activities. Moreno stated, “Members of Congress should not be engaging in speculative activities like prediction markets while receiving taxpayer salaries.”

In recent years, the popularity of political prediction markets has surged, and platforms like Polymarket have come under scrutiny due to insider trading controversies and regulatory jurisdiction issues. Polymarket responded by supporting the Senate’s action and stated that their platform rules already prohibit such activities, “codifying it into law is a step forward for the industry.”