Senate Bans Lawmakers and Staff from Betting on Prediction Markets

The Senate on May 2, 2026 adopted a resolution amending its rules to bar senators, officers, and staff from entering any contract whose payoff depends on a specific event. The amendment passed by unanimous voice vote and took effect immediately. Republican Senator Bernie Moreno (R-Ohio) sponsored the measure; Democrat Senator Alex Padilla (D-California) added an amendment extending the prohibition to Senate employees.

Ars Technica

Lawmakers cited three incidents: Master Sgt. Gannon Ken Van Dyke allegedly placed 13 Polymarket bets on the U.S. operation that captured Venezuelan President Nicolás Maduro, earning about $410,000; an AP report found new Polymarket accounts that timed bets on a possible U.S.–Iran cease-fire, netting hundreds of thousands; and Kalshi fined three congressional candidates for betting on their own races.

U.S. Senate Members Unanimously Adopt an Amendment Banning Them From Betting on Polymarket and Kalshi

The rule aims to eliminate real or perceived conflicts of interest that could sway policy. Insider access to classified or pre-public information poses a national-security risk, as financial gain might influence legislative choices. Prohibiting speculative betting seeks to restore public trust and avoid the image of Congress as a ‘casino.’

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Senator Moreno said the ban eliminates ‘side hustles’ and refocuses senators on constituents. Senator Padilla called it a commonsense safeguard for staff. Senate Minority Leader Chuck Schumer called it a ‘no-brainer’ and urged the House and White House to follow. Senator Todd Young praised it as a ‘good first step’ and co-authored a bill to extend the ban to all federal officials.

TND - The National Desk

Democrat Chris Murphy’s ‘Bets Off Act’ would bar wagering on any government action, terrorism, war, assassination, or events where participants have insider knowledge, arguing the Senate rule is too narrow. Critics point out the ban covers only Senate personnel, leaving executive-branch officials unrestricted despite the White House warning. The absence of a federal law raises enforcement questions.

Senate Unanimously Bans Members and Staff From Trading on Prediction Markets

• “United States senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period,” — Senator Bernie Moreno, R-Ohio

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• “This isn’t a side hustle. This isn’t a hobby. This is a national security risk, and it is antithetical to the very foundations of our democracy.” — Senator Chuck Schumer, D-New York

The Hill

• “We must never allow Congress to turn into a casino where members representing the public can gamble on wars or economic crises or elections,” — Senator Chuck Schumer, D-New York

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• “This is a great step to increase trust in our markets by making it an industry standard.” — Tarek Mansour, Kalshi co-founder

Fox News (website)

The House is set to introduce a companion resolution next week; Rep. Ashley Hinson (R-Iowa) will file it. Senators Todd Young (R-Indiana) and Elissa Slotkin (D-Michigan) have co-authored a bill to extend the ban to all federal officials and executive-branch employees. The White House has not issued a formal prohibition, but its earlier warning suggests further guidance may follow. Ongoing investigations into insider betting on Polymarket and Kalshi could spur additional regulation.

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