The US Senate has adopted a rule forbidding its members from betting in prediction markets.
Since this is a Senate rule, and not legislation, this goes into effect without a vote of the House or a Presidential signature.
Now, how about banning the whole corrupt enterprise?
US senators voted unanimously to ban themselves from making bets on prediction markets yesterday, about a week after Kalshi said it caught three congressional candidates betting on their own campaigns.
The resolution to prohibit senators from trading on prediction markets passed yesterday by unanimous consent. The action amends the Senate’s conflict-of-interest rules and does not require approval by the House of Representatives. The House has a pending resolution that would impose a similar rule on its own members.
“United States Senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period,” said Sen. Bernie Moreno (R-Ohio), who introduced the resolution. “Serving in Congress should never be about finding new ways to profit; it should be about delivering results for the American people.”
Moreno’s resolution applies broadly to all bets on prediction markets, not just those related to events of which a senator has inside knowledge. The Senate also adopted an amendment submitted by Sen. Alex Padilla (D-Calif.), which extends the trading ban to Senate officers and employees. Padilla said in a statement that the rule as amended “is a commonsense step to ensure that senators and their staff cannot use their positions of public trust to line their own pockets.”
The only question now is how lackadaisical the Senate will be in actually enforcing this.
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