"The resolution, which took effect immediately upon its April 30 passage, targets the rapidly growing sector of event contracts. Platforms like Polymarket and Kalshi have gained massive traction during the 2026 election cycle, allowing users to bet on everything from military operations to legislative votes."
"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."
The U.S. Senate passed a unanimous ban on prediction market trading on April 30, 2026, led by Senator Bernie Moreno. This measure amends Senate Rule XXXVII to address ethical concerns following scandals involving insider trading. The resolution prohibits members from betting on event contracts, targeting platforms like Polymarket and Kalshi that gained popularity during the 2026 election cycle. The ban aims to restore public integrity and prevent the misuse of nonpublic information for personal gain, following incidents involving congressional candidates and a soldier using classified intelligence for profit.
Read at news.bitcoin.com
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