The rule, which received unanimous approval, was designed to stop lawmakers and their staffers from insider trading.
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,” Bernie Moreno (R-Ohio) wrote in an X post on Thursday. “Americans deserve to know that their leaders are here for the right reason!”
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.”
This is a developing story and will be updated.
By Jacki Thrapp
