Senate unanimously passes resolution banning themselves from trading on prediction markets

The Senate unanimously voted Thursday to pass a resolution that preemptively bans them from trading on prediction markets such as Polymarket amid growing concerns of insider trading on such platforms.

The bill, which was introduced by Ohio GOP Sen. Bernie Moreno last week, comes after a U.S. soldier was accused of allegedly using classified information to place bets on Polymarket about the military operation to capture Venezuelan President Nicolás Maduro.

The resolution amends the Senate's rules to prohibit lawmakers from entering into “an agreement, contract, or transaction that provides for any purchase, sale, payment or delivery” based on an event’s outcome.

“Proud to say my bill to ban members of Congress from insider trading on prediction markets just passed the Senate UNANIMOUSLY!” Moreno wrote on X. “Serving in Congress is an honor, not a side hustle. Americans deserve to know that their leaders are here for the right reason!”

Prediction markets are an avenue for gambling that allows people to bet on the outcome of various events, from elections to sports to the economy.

Polymarket, which is one of the largest prediction market platforms, said it supports the resolution and banning insider trading on its app.

"We’re in full support of this," Polymarket posted on X. "Our Rulebook & Terms of Service already prohibit such conduct, but codifying this into law is a step forward for the industry. Happy to help move this forward however we can."

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.