Senate Passes Rule Banning Members From Trading on Prediction Markets

The U.S. Senate unanimously voted on April 30 to ban members and their staff from betting on prediction markets such as Kalshi and Polymarket. The rule, aimed to stop senators from insider trading will go into effect immediately.

“Serving in Congress is an honor, not a side hustle,” Sen. Bernie Moreno (R-Ohio) wrote in an X post on Thursday. “Americans deserve to know that their leaders are here for the right reason!”

Moreno spearheaded the ban, and Sen. Alex Padilla (D-Calif.) added an amendment to expand the rule to Senate staff.

Polymarket, one of the most popular prediction markets in the world, quickly voiced support for the legislation on social media.

“We’re in full support of this,” the trading platform wrote in an X post after the decision was made in Washington.

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

Kalshi and Polymarket are platforms that have skyrocketed in popularity as the companies allow people to gamble on real-world events.

Polymarket’s popular bets relating to politics on April 30 included if the United States and Iran would reach a peace deal by June or May, what the price of crude oil would be in May, and who the Democratic and Republican presidential nominees would be in 2028.

Senators have urged the U.S House and other branches of government to follow the Senate’s lead on banning members, which was supported by Senate Minority Leader Chuck Schumer (D-N.Y.).

“We must never allow Congress to turn into a casino where members representing the public can gamble on wars or economic crises,” Schumer said.

On April 28, U.S. Army soldier Gannon Van Dyke pleaded not guilty to using confidential information to win a bet and pocket $400,000 on Polymarket.

The 38-year-old was accused of placing $33,000 on bets that Venezuelan President Nicolás Maduro would soon be out of office and the United States would enter Venezuela.

The bets were placed Dec. 27, 2025, and Jan. ​2, 2026.

Maduro and his wife were captured and brought to New York to face narco-terrorisim charges on Jan. 3, shortly after Dyke placed his bets.

Dyke was the first person to be charged by the Justice Department for insider trading charges related to a prediction market.

Reuters contributed to this article.