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Senators ban themselves from prediction markets

The Senate unanimously agreed to a resolution Thursday barring its members from trading on prediction markets in the face of growing concerns about insider trading on the platforms.

The resolution, which was introduced by Sen. Bernie Moreno (R-Ohio) last week, amends the chamber’s rules to prohibit senators from entering into “an agreement, contract, or transaction that provides for any purchase, sale, payment or delivery” based on an event’s outcome.

Prediction markets allow people to place wagers on the outcome of various events, from elections to sports to the economy.

“Proud to say my bill to ban members of Congress from insider trading on prediction markets just passed the Senate UNANIMOUSLY!” Moreno wrote on the social platform X. “Serving in Congress is an honor, not a side hustle. Americans deserve to know that their leaders are here for the right reason!”

Two of the most prominent prediction markets, Kalshi and Polymarket, both voiced support for the effort.

“I applaud the Senate for passing this resolution to ban Senators and their offices from trading on prediction markets,” Kalshi CEO Tarek Mansour said on X. “Kalshi already proactively blocks members of Congress and enforces against insider trading.”

“This is a great step to increase trust in our markets by making it an industry standard,” he continued. “Now, let’s pass this in the House!”

Polymarket similarly said it is “in full support of this,” while noting that its rules “already prohibit such conduct, but codifying this into law is a step forward for the industry.”

The Senate resolution comes after the Department of Justice (DOJ) revealed last week that it had charged an Army soldier for using confidential information about the operation to capture Venezuelan President Nicolás Maduro in bets on Polymarket.

Check out the full report at TheHill.com.

Welcome to The Hill’s Technology newsletter, we’re Julia Shapero and Miranda Nazzaro — tracking the latest moves from Capitol Hill to Silicon Valley.

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Crypto Corner

Scott signals optimism on crypto markup

Senate Banking Chair Tim Scott (R-S.C.) is signaling optimism about a committee markup on a major cryptocurrency bill.

“We’re in the red zone if you like football. This is the best time of the game,” he said Thursday on Fox Business’s “Mornings with Maria.”

“It’s going really well,” he continued. “[Sen. Thom] Tillis and a couple of other votes on the Republican side, on board now. I just want to have 13 of 13 Republicans.”

Scott said he’s aiming for a May markup, with the hopes of getting the bill to the Senate floor in June or July.

The bill, often referred to as market structure legislation, seeks to split up oversight of the crypto market between two financial regulators. Negotiations in the Senate have remained at a standstill in recent months.

Tillis, who has been central to efforts to reach a deal between the crypto and banking industries on a key provision, told reporters Wednesday that he was ready to move forward with scheduling a markup.

Crypto Corner is a daily feature focused on digital currency and its outlook in Washington.

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