The U.S. Senate voted unanimously to ban senators and their staff from participating in prediction markets, a rules change that takes effect immediately following a wave of insider trading concerns.
Posted May 1, 2026 at 5:59 am EST.
The U.S. Senate voted unanimously Thursday to ban senators and their staff from participating in prediction markets, passing a resolution that amends the Senate’s own rules and takes effect immediately. The measure was introduced by Sen. Bernie Moreno (R-OH) and passed by voice vote without a single objection.
An amendment from Sen. Alex Padilla (D-CA) broadened the original text to include Senate staff alongside members. Senate Minority Leader Chuck Schumer called it “a no-brainer” and urged the House and the Trump administration to do the same. Rep. Ashley Hinson (R-IA) said on X that she would introduce a companion measure in the House.
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The vote came against a backdrop of mounting insider trading concerns. The Associated Press reported earlier this month that a cluster of new Polymarket accounts placed suspiciously timed bets on whether the U.S. and Iran would reach a ceasefire on April 7, generating hundreds of thousands of dollars in profits. The White House warned staff against using private information to trade on prediction markets the same day. U.S. Army Special Forces Master Sgt. Gannon Ken Van Dyke was separately charged this month for using classified information to bet on the Polymarket market tied to the U.S. military operation that captured Venezuelan President Nicolás Maduro in January. Kalshi also suspended and fined a Senate candidate and two House candidates for trading on markets tied to their own campaigns.
Moreno said on the Senate floor that senators engaging in prediction market betting risk creating the perception that their votes are influenced by financial interests. Schumer said it was “just the possibility” of influence that made the ban necessary.
Not everyone thinks self-policing goes far enough. Sen. Chris Murphy (D-CT) has proposed the Bets Off Act, which would ban wagering on government actions, terrorism, war, assassination, and any event where a participant knows or controls the outcome. Murphy told NBC News he doubts a Senate-only rule will be sufficient, arguing inside information flows well beyond senators to staff, White House officials, and beyond.
The vote creates a notable tension with the Trump administration’s posture toward the industry. The administration has been a key backer of prediction markets in their legal fight against state regulators. Donald Trump Jr. advises both Polymarket and Kalshi, and Truth Social is developing its own crypto-based prediction market called Truth Predict.
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