NEW: The Senate has passed a bipartisan resolution banning its members and staff from trading on prediction markets — platforms used to bet on future events.
The resolution was approved unanimously without a roll call vote and will go into effect immediately.
The move aims to stop lawmakers, who often have access to sensitive or nonpublic information, from using that knowledge to place bets or gain an advantage.
Polymarket, Kalshi’s co-founder, and Senate Minority Leader Chuck Schumer all praised the passage of the resolution.
“What we’re doing is allowing our constituents to know once and for all that 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” — Sen. Bernie Moreno, who introduced the resolution, said after it passed.