Senate Passes Unanimous Ban on Senators Betting on Prediction Markets

The Senate passed legislation before departing Washington, D.C., for a weeklong recess that bars senators and their staff from betting on prediction markets such as Kalshi and Polymarket.

Users on those platforms wager on events ranging from world affairs and political races to war outcomes or whether public figures will divorce. The bill, introduced by Sen. Bernie Moreno, R-Ohio, won unanimous approval and took effect immediately by altering Senate rules.

Moreno said the measure addresses fears of lawmakers engaging in side hustles and builds confidence in Congress. It follows repeated failures to enact self-imposed bans on stock trading by members of Congress.

"I don't believe we should trade stocks at all. It's completely insane," Moreno said. "I think we should focus on our jobs and have our voters go, 'Hey, this guy's voting this way, because this is the right thing for the state.'"

Senate Minority Leader Chuck Schumer, D-N.Y., praised the action from the Senate floor and urged the House to follow suit.

"Speaker Johnson should immediately do the same thing in the House," Schumer said.

A companion effort is underway in the House, spearheaded by Rep. Ashley Hinson, R-Iowa, who seeks to succeed retiring Sen. Joni Ernst, R-Iowa.

Prediction market leaders endorsed the Senate's step. Polymarket stated on X, "We’re in full support of this."

"Our Rulebook & Terms of Service already prohibit such conduct, but codifying this into law is a step forward for the industry," the company said. "Happy to help move this forward however we can."

Kalshi co-founder Tarek Mansour made a similar call for House action on X.

"Kalshi already proactively blocks members of Congress and enforces against insider trading," Mansour said. "This is a great step to increase trust in our markets by making it an industry standard."