U.S. senators ban themselves from prediction markets trading
The vote followed concerns that lawmakers could use nonpublic information to profit from event bets, and it passed 56-10 with broad bipartisan support.
- On Thursday, The Minnesota Senate passed a bill 56-10 to ban most prediction market wagers on platforms like Kalshi and Polymarket, making bets on sports, weather, and war explicitly illegal.
- Sen. Matt Klein, DFL-Mendota Heights, originally authored the bill after being banned for five years for placing a $50 bet on himself in the primary race, later apologizing to The Senate for the incident.
- Data cited by Sen. Jordan Rasmusson, R-Fergus Falls, showed 69% of Polymarket users lost money, with proponents arguing the platforms exploit federal loopholes to facilitate insider trading and unregulated gambling.
- Tribal leaders warned that prediction markets could divert revenue from casinos that have "lifted our tribes out of poverty," while lawmakers raised concerns about potential conflicts with CFTC regulations.
- The bill's future remains uncertain in The House, where House GOP leaders hesitate to advance it before federal regulators act, as the federal government sues other states over similar bans.
110 Articles
110 Articles
Senate Blocks Lawmakers from Profiting on Prediction Markets
The Senate quietly approved new restrictions aimed at preventing lawmakers from using insider knowledge to profit on emerging betting platforms, marking a rare bipartisan move to address ethics concerns in Washington, D.C. The post Senate Blocks Lawmakers from Profiting on Prediction Markets appeared first on Slay News.
Spectrum News
Senate bans members, staff from prediction market betting
A similar effort is underway in the House.
The Senate voted this Thursday for a resolution that its members and staff , preemptively, place bets on predictive markets such as Polymarket, in the face of growing concerns about the use of insider information on platforms. The bill was introduced last week by Ohio Republican Senator Bernie Moreno. The proposal came after an American soldier was accused of allegedly using classified information to place bets on Polymarket on the military oper…
Senate Unanimously Bans Members and Staff From Trading on Prediction Markets
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 …
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