Senate moves to ban themselves from prediction market trading amid insider concerns
The Block
The U.S. Senate unanimously passed a resolution prohibiting members from trading on prediction markets to prevent potential insider trading.Summary
The U.S. Senate has unanimously passed S. Res. 708, a resolution effectively immediately banning senators from participating in prediction markets. Introduced by Sen. Bernie Moreno, the measure aims to combat rising concerns over the use of non-public information for financial gain. The move follows recent controversies involving Polymarket bets linked to confidential data, as well as proactive measures by platforms like Kalshi to penalize insider activity. The resolution seeks to maintain ethical standards for congressional conduct, with industry leaders expressing support and calling for similar action in the House of Representatives.
(Source：The Block)