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NewsFox News PoliticsMay 4, 2026United States

Senate Bans Lawmakers from Betting on Prediction Markets

The U.S. Senate has unanimously passed legislation prohibiting senators and their staff from placing bets on prediction market platforms like Kalshi and Polymarket. The move aims to prevent potential conflicts of interest and increase public trust in the legislative process.

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Why It Matters

This rule change restricts the personal financial activities of U.S. Senators and their staff, specifically banning them from wagering on political outcomes or world events on prediction platforms.

Key Facts

  • The U.S. Senate unanimously passed legislation banning senators and their staff from betting on prediction markets.
  • The ban applies to platforms such as Kalshi and Polymarket.
  • The legislation was sponsored by Senator Bernie Moreno.
  • The rule change took effect immediately upon passage.
  • The legislation is intended to prevent lawmakers from using insider information for financial gain.
  • Senate Minority Leader Chuck Schumer has called for the House of Representatives to adopt similar rules.
  • Representative Ashley Hinson is leading an effort in the House to implement a similar ban.
  • Prediction market companies Polymarket and Kalshi have publicly expressed support for the legislation.

Who's Mentioned

dateOct. 30, 2025“Date of a confirmation hearing.”personAlex Miller“Author of the news article.”dateFeb. 25, 2026“Date of a photo showing the Polymarket app.”dollar_amount60“Part of a reference to a 60-day war powers deadline.”dateMarch 17, 2026“Date of a news conference with Chuck Schumer.”organizationKalshi“A prediction market platform.”personBernie Moreno“Republican Senator from Ohio who pushed the legislation.”dollar_amount$25“Part of a reference to a $25 billion price tag for an Iran war.”personTarek Mansour“Co-founder of Kalshi.”personAshley Hinson“Republican Representative from Iowa leading a similar effort in the House.”personChuck Schumer“Senate Minority Leader who supported the move and called for House action.”organizationPolymarket“A prediction market platform.”personJoni Ernst“Retiring Senator from Iowa.”