Ban private gain! U.S. Congress resolution: Senators prohibited from participating in prediction markets, effective immediately

The U.S. Senate unanimously passed an amendment banning senators and their staff from participating in prediction markets. The ban takes effect immediately and applies to platforms that allow betting on election prospects or legislation.

As the cryptocurrency market structure bill hits headwinds, the U.S. Senate on April 30 still moved with lightning speed to pass a resolution banning senators and their staff from participating in prediction markets. Under Senate rules, the ban became effective immediately upon announcement.

The resolution, driven by Ohio Republican Senator Bernie Moreno, is only 14 lines long, yet it was rarely approved unanimously by the entire chamber. Bernie Moreno said the resolution amends Senate Rule 37, strictly prohibiting senators from taking part in “any agreement, contract, or transaction for buying, selling, making payments, or settling based on whether any specific event occurs, to what extent it occurs.”

The language in the resolution is clearly aimed directly at prediction platforms such as Polymarket and Kalshi. On these platforms, users can place bets on major events including the outcome of presidential elections, whether bills will pass, the release of key economic data, and even geopolitical conflicts.

In a statement on Thursday, Bernie Moreno said: “If U.S. senators are taking taxpayers’ hard-earned money, they absolutely should not get involved in speculative activities like prediction markets, and there is no room for compromise on this.”

Serving in Congress has never been about finding a new way to line one’s own pockets, but about making meaningful contributions to the American people.

As political games quickly go viral worldwide, there have recently been multiple cases in which candidates for public office were punished for betting on their “own election prospects.” In response, Polymarket, the world’s largest prediction platform, immediately said on the social platform X that it “fully supports” the Senate’s decision.

In fact, as early as 2022—after reaching a settlement agreement with the U.S. Commodity Futures Trading Commission (CFTC)—Polymarket theoretically already banned U.S. users from trading. The company emphasized that the platform’s user terms “already strictly prohibit this kind of conduct, but formally writing it into law is undoubtedly a major step forward for the entire industry.”

According to the current betting data on the Polymarket platform, the market’s prediction that Democrats will win back a majority in the Senate in this year’s November midterm elections stands at about 50%, splitting evenly with Republicans.

• This article is reprinted with permission from: 《BlockBeats》
• Original title: 《Effective Immediately! U.S. Senate Passes Resolution: Senators Banned from Prediction Markets》
• Original author: Block Sister MEL