U.S. Senate votes to ban members from using prediction markets
The U.S. Senate has approved a resolution banning senators and Senate staff from using prediction markets.Senate approved a rule banning members and staff from using prediction markets, with the change taking effect immediately.Lawmakers cited risks of insider information misuse, with Senator Bernie Moreno saying the ban protects public trust. According to Senate proceedings, the resolution passed by unanimous consent on Thursday changed the chambers standing rules and took immediate effect. Lawmakers tied the ban to the risk that officials exposed to sensitive information could profit from event contracts. “Engaging in any way in a prediction market or trying to place bets where we might have inside information deteriorates the confidence that our constituents have in us,” Republican Senator Bernie Moreno, who introduced the resolution, said on the Senate floor. According to him, the rule change ensures “no member of the United States Senate, no member of the staff of the United States Senate, can ever use that inside information as a way to monetize this job whatsoever.” Ethics concerns drive Senate action on prediction markets Recent concerns intensified after a special forces soldier involved in the plan to capture former Venezuelan President Nicolás Maduro was charged on April 23 with using classified information to place bets