Senate bans members and staff from placing bets on prediction markets
The bill was introduced last week by Sen. Bernie Moreno (R-Ohio). The proposal came after an American soldier was accused of allegedly using classified information to place bets on Polymarket on the military operation to capture Nicolás Maduro.
Bernie Moreno at the 2024 RNC/ Andrew Caballero- Reynolds.
The Senate voted Thursday in favor of a resolution that would ban its members and staff from placing bets on prediction markets such as Polymarket, in the face of growing concern over insider trading on such platforms.
The bill was introduced last week by Sen. Bernie Moreno (R-Ohio). The proposal came after an American soldier was accused of allegedly using classified information to place bets on Polymarket on the military operation to capture Nicolás Maduro.
In that regard, the resolution changes Senate rules to prevent lawmakers from making "an agreement, contract, or transaction that provides for any purchase, sale, payment or delivery" conditional on the outcome of an event.
"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!" he added.
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