US EditionU.S. senators ban themselves from prediction markets trading
The unanimous rule change takes effect immediately and follows rising concerns about insider trading, including a recent Army soldier indictment tied to Polymarket.
- 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.
86 Articles
86 Articles
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 …
The New York Ledger
CointelegraphUS Senate Bans Members, Staff from Prediction Markets
The US Senate on Thursday unanimously approved a resolution banning its members and staff, who are often exposed to sensitive information, from using prediction markets. The resolution, passed by unanimous consent, changed the Senate’s rules and took immediate effect. “Engaging in any way in a prediction market or trying to place bets where we might have inside information deteriorates the confidence that our constituents have in us,” Republica…
Senate Unanimously Votes to Bar Members From Prediction Market Betting
Rebecca Blackwell/APThe Senate passed a resolution Thursday barring members and staff from participating in prediction market betting, at a time when lawmakers are grappling with how to regulate the rapidly growing industry.The resolution, which was introduced by Republican Sen. Bernie Moreno, passed unanimously and will go into effect immediately.“Engaging in any way in a prediction market or trying to place bets where we might have inside info…
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