Story perspectives

Senate Unanimously Bans Prediction-Market Betting for Officials

5/4/2026

Summary

Story summary

Senate voted unanimously to bar senators, officers and employees from prediction-market betting, effective immediately.
The resolution, introduced by Sen. Bernie Moreno (R-Ohio) and amended by Sen. Alex Padilla (D-California), passed by voice vote.
Chuck Schumer urged the House and President Donald Trump’s administration to adopt bans, citing a $400,000 insider bet on Venezuela’s former president’s capture and 16 accounts that earned over $100,000 by predicting a U.S. strike on Iran.

History

Historical Context

After the 1929 crash, Congress enacted the Securities Act of 1933 and the Securities Exchange Act of 1934, creating the SEC to police insider trading and market manipulation. The agency’s 2003 $550 million fine against Goldman Sachs showed its enforcement reach. The Senate’s ban on prediction-market betting by members and staff echoes that legacy, aiming to close loopholes that let 16 accounts earn over $100,000 each.

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Story summary

Senate voted unanimously to bar senators, officers and employees from prediction-market betting, effective immediately.
The resolution, introduced by Sen. Bernie Moreno (R-Ohio) and amended by Sen. Alex Padilla (D-California), passed by voice vote.
Chuck Schumer urged the House and President Donald Trump’s administration to adopt bans, citing a $400,000 insider bet on Venezuela’s former president’s capture and 16 accounts that earned over $100,000 by predicting a U.S. strike on Iran.

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