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Senate Bans Officials' Prediction Market Trading After $400K Bet

5/1/2026

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Summary

Story summary

The U.S. Senate unanimously approved a rule banning Senators, officers and staff from prediction markets, effective immediately.
The vote follows the indictment of an Army soldier accused of earning $400,000 by betting on a classified operation to capture Venezuelan President Nicolás Maduro.
Chuck Schumer called the measure a “no-brainer” and urged Mike Johnson to adopt a similar ban.

History

Historical Context

Congress passed the STOCK Act in April 2012, after Senator Joe Lieberman introduced it in January, to bar members and federal employees from using non-public information for personal profit. The law requires officials to disclose trades—about 4,000 transactions worth $315 million reported through 2021—prompting today’s Senate leaders Chuck Schumer and Mike Johnson to extend similar bans to prediction-market participation.

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Story summary

The U.S. Senate unanimously approved a rule banning Senators, officers and staff from prediction markets, effective immediately.
The vote follows the indictment of an Army soldier accused of earning $400,000 by betting on a classified operation to capture Venezuelan President Nicolás Maduro.
Chuck Schumer called the measure a “no-brainer” and urged Mike Johnson to adopt a similar ban.

1 / 2