Effective immediately! US Senate unanimously passes resolution: Senators banned from participating in prediction markets

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While the crypto market structure bill remains stalled, the U.S. Senate passed a resolution with lightning speed on April 30: banning senators and their staff from participating in prediction markets. According to Senate standing rules, this ban took effect immediately upon announcement. The resolution, pushed by Ohio Republican Senator Bernie Moreno, is only 14 lines long but received rare unanimous consent from the entire chamber. Bernie Moreno stated that the resolution amends Rule XXXVII of the Standing Rules of the Senate, strictly prohibiting senators from engaging in "any agreement, contract, or transaction that involves buying, selling, paying, or delivering based on whether a specific event occurs or the extent to which it occurs." The wording in the resolution is undoubtedly aimed directly at prediction platforms such as Polymarket and Kalshi. On these platforms, users can place bets on major events such as presidential election results, the passage of bills, the release of macroeconomic data, and even geopolitical conflicts. Bernie Moreno said in a statement on Thursday: "U.S. senators are paid with taxpayers' hard-earned money and should absolutely not be involved in speculative activities like prediction markets; there is no room for compromise on this." Serving in Congress should never be about finding new ways to line one's own pockets, but about making substantive contributions to the American people. As political betting gains rapid popularity globally, there have been recent reports of public office candidates being penalized for betting on their "own election prospects." In response, the world's largest prediction platform, Polymarket, immediately stated on the social media platform X that it "fully supports" the Senate's decision. In fact, ever since reaching a settlement with the Commodity Futures Trading Commission (CFTC) in 2022, Polymarket has theoretically prohibited users within the United States from trading. The company emphasized that the platform's terms of service "already strictly prohibit such behavior, but being able to formally write it into law is undoubtedly a major step forward for the entire industry." According to current betting data on the Polymarket platform, the market predicts that the Democratic Party has about a 50% chance of regaining a majority in the Senate in this November's midterm elections, neck and neck with the Republican Party.

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Published:2026-05-01 06:50:40

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