Story perspectives

Senate Bans Prediction-Market Trading After $400K Maduro Bet

5/1/2026

Summary

Story summary

Senate passed S. Res. 708 on April 30, 2026, banning senators and staff from prediction-market trading; it took effect.
Sen. Bernie Moreno introduced the resolution; Sen. Alex Padilla added a staff amendment.
The measure urges the House, executive and judiciary to adopt bans; Senate Minority Leader Chuck Schumer praised it and urged Speaker Mike Johnson to follow.
A soldier’s $400,000 bet on Nicolás Maduro’s removal was cited; firms Kalshi and Polymarket welcomed the ban.

History

Historical Context

After Senator Joe Lieberman introduced the STOCK Act on Jan 26 2012, President Barack Obama signed it into law on April 4, prohibiting members of Congress from using non-public information for profit. A 2004 study showed senators beat the market by 12.3% annually, fueling the 2020 insider-trading scandal and prompting the Senate in 2026 to adopt a resolution banning all trading by senators and their staff.

1 of 2

Story summary

Senate passed S. Res. 708 on April 30, 2026, banning senators and staff from prediction-market trading; it took effect.
Sen. Bernie Moreno introduced the resolution; Sen. Alex Padilla added a staff amendment.
The measure urges the House, executive and judiciary to adopt bans; Senate Minority Leader Chuck Schumer praised it and urged Speaker Mike Johnson to follow.
A soldier’s $400,000 bet on Nicolás Maduro’s removal was cited; firms Kalshi and Polymarket welcomed the ban.

1 / 2