U.S. senators won't be weighing in on prediction markets bets after banning themselves

Policy Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email U.S. senators won't be weighing in on prediction markets bets after banning themselves The Senate agreed unanimously to revise its rules to ban members and their staffs from wagers on prediction markets platforms. By Jesse Hamilton | Edited by Nikhilesh De Apr 30, 2026, 10:13 p.m. 2 min read Make preferred on U.S. Senator Bernie Moreno authored a ban on senators betting in prediction markets, and it passed. (Jesse Hamilton/CoinDesk) What to know : The U.S. Senate voted unanimously to approve a resolution that would prohibit senators and their staffs from betting in the prediction markets. Its author, Republican Bernie Moreno, said the lawmakers "have no business" engaging in such activities. A U.S. Senate that's struggled to move crypto market structure legislation moved like lightning on Thursday to ban themselves from participating in prediction markets. Acting on a simple, 14-line resolution pushed by Ohio Republican Senator Bernie Moreno, the Senate agreed unanimously to put a restriction between members and the increasingly popular, controversial betting platforms that have drawn scrutiny over insider-trading activity and fights over who has regulatory jurisdiction. “United States Senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period,” said Senator Moreno in a Thursday statement . “Serving in Congress should never be about finding new ways to profit; it should be about delivering results for the American people.” Effective immediately, the change to Senate rules now holds that senators can't enter "an agreement, contract, or transaction that provides for any purchase, sale, payment, or delivery that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of a specific event." Political betting has surged in popularity, and some candidates for office have already been penalized for wagering on their own races. One of the leading platforms, Polymarket, posted on social media site X that the company is in "full support" of the Senate's action. Polymarket, which isn't supposed to operate in the U.S. after a 2022 agreement with the CFTC , noted that its user rules "already prohibit such conduct, but codifying this into law is a step forward for the industry." Betting on Polymarket currently gives Democrats even odds that they'll reclaim the Senate majority in the November elections. Democrats have generally been more critical and suspicious of the fast-growing industry. Prediction Markets Polymarket More For You Senator Warren questions Commerce Secretary Lutnick on Tether loan to family By Jesse Hamilton | Edited by Nikhilesh De 5 hours ago Senators Elizabeth Warren and Ron Wyden sent letters to Howard Lutnick and Tether CEO Paulo Ardoino asking about a loan Tether reportedly made to Lutnick's family. What to know : Two prominent U.S. Senate Democrats are questioning Secretary of Commerce Howard Lutnick and the CEO of Tether, Paulo Ardoino, about reports that the stablecoin company provided substantial lending to a trust that helped finance the transfer of Lutnick's former company, Cantor Fitzgerald, to his adult children. Senators Elizabeth Warren and... Read full story Latest Crypto News From Cathie Wood to Cantor Fitzgerald, the big money is betting that Robinhood’s crypto slump is just a temporary speed bump 2 hours ago Senator Warren questions Commerce Secretary Lutnick on Tether loan to family 5 hours ago A Polymarket-linked bet on the weather in France forecasts a major data issue 6 hours ago Gemini eyes prediction market challenge to Kalshi, Polymarket, secures derivatives license; shares surge 6 hours ago Polymarket taps Chainalysis to bring Wall Street-level oversight to crypto prediction markets 7 hours ago Crypto for Advisors: Breaking down the Sui blockchain 7 hours ago Top Stories Wasabi Protocol drained of $4.5 million in apparent admin key compromise 11 hours ago Bitcoin faces $80,000 resistance as derivatives show signs of risk aversion 11 hours ago Trump-backed World Liberty Financial races toward 62 billion token unlock with near-unanimous vote 14 hours ago The long con: How North Korean spies spent months in-person to drain $285 million from Drift 9 hours ago Seasonal trends favor bulls even as bitcoin ends April in a defensive mood 10 hours ago Jack Mallers' Twenty One Capital surges after majority holder Tether proposes 3-way merger Apr 29, 2026