US Senate Bans Lawmakers From Betting on Prediction Markets – Bitcoin News
By amending Rule XXXVII, the Senate has effectively cordoned off its members from these digital gambling hubs. The new language explicitly prohibits any member from entering into contracts where payments depend on the occurrence or nonoccurrence of a specific event. Moreno, who has been a vocal critic of congressional “side hustles,” framed the resolution as a necessary step to restore public integrity. He argued that treating the U.S. Senate as a vehicle for personal financial gain is a fundamental betrayal of the American people. The push for the ban was accelerated by two major incidents in late April that shook the industry. On April 22, the regulated exchange Kalshi fined three congressional candidates for betting on their own races, raising alarms about market manipulation. Just one day later, news broke that a U.S. Army Special Forces soldier was arrested for allegedly using classified intelligence to win over $400,000 on Polymarket. The bet centered on a military operation involving Venezuelan leader Nicolás Maduro. These incidents provided the political momentum needed for a unanimous voice vote. While the Senate acted internally, Democratic lawmakers are simultaneously pressuring the Commodity Futures Trading Commission (CFTC) to implement broader industry-wide safeguards against insider trading. The scope of this specific rule change