“United States senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period,” said Sen. Bernie Moreno, R-Ohio, who sponsored the resolution. An amendment by Sen. Alex Padilla, D-Calif., broadened the measure to include staff.
Senate Minority Leader Chuck Schumer, D-N.Y., said the move was a “no-brainer.” He encouraged the House and Trump administration to do the same.
“We must never allow Congress to turn into a casino where members representing the public can gamble on wars or economic crises or elections,” Schumer said. “That would destroy the very principle of representative government.”
Sens. Todd Young, R-Ind., and Elissa Slotkin, D-Mich., have introduced a bill to ban all federally elected officials and government employees from using insider information to make prediction market bets. Young said the resolution was “a good first step” and he encouraged the Senate to take up their bill.
Prediction markets, including the betting platform Polymarket and its chief rival Kalshi, have come under scrutiny as the business has expanded. Polymarket has received particular criticism as a venue for offshore trades that are beyond the reach of U.S. regulators.
“The whole world, unfortunately, has become somewhat of a casino, and you look at what’s going on all over the world and Europe and every place, they’re doing these betting things,” Trump said this month.
