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US Senators Ban Themselves From Prediction Markets Trading

1 month ago
The U.S. Senate unanimously passed a rule banning senators from trading on prediction markets effective immediately. CNBC reports: The move came amid rising concern about insider trading on prediction market platforms such as Kalshi and Polymarket, and about event contracts that can involve death or violence. On April 22, Kalshi said it had suspended and fined one U.S. Senate candidate and two candidates for the House of Representatives for political insider trading on their own campaigns. Earlier on Thursday, a group of Democratic members of Congress called on the Commodity Futures Trading Commission to issue a rule "that prevents insider trading and corruption in the market and prohibits event contracts on the outcome of elections, war and military actions in the U.S. or abroad, sports, and government actions without a valid economic hedging interest." Kalshi and Polymarket both praised the Senate's action. "I applaud the Senate for passing this resolution to ban Senators and their offices from trading on prediction markets," Kalshi CEO Tarek Mansour wrote in a post on X. "Kalshi already proactively blocks members of congress and enforces against insider trading. This is a great step to increase trust in our markets by making it an industry standard," Mansour said. "Now, let's pass this in the House!" Polymarket, in its own post on X, said, "We're in full support of this. Our Rulebook & Terms of Service already prohibit such conduct, but codifying this into law is a step forward for the industry. Happy to help move this forward however we can."

Read more of this story at Slashdot.

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