US Senators Prohibit Themselves from Participating in Prediction Markets

In a swift move, the US Senate has prohibited its members from participating in prediction markets, citing concerns over insider trading and regulatory jurisdiction. The decision was made following a resolution proposed by Senator Bernie Moreno, who argued that lawmakers should not engage in speculative activities while receiving a taxpayer-funded salary. The new rule, effective immediately, restricts senators from entering into agreements that involve the purchase, sale, or payment dependent on the occurrence of a specific event. This move comes as political betting gains popularity, with some candidates already facing penalties for wagering on their own elections. One leading platform, Polymarket, has expressed support for the Senate's decision, noting that its user rules already prohibit such conduct. The platform currently gives Democrats even odds of regaining the Senate majority in the upcoming November elections.