U.S. Senate Unanimously Bans Members, Staff From Prediction Markets as Security and Ethics Fears Rise
Updated
Updated · Fox News · May 11
U.S. Senate Unanimously Bans Members, Staff From Prediction Markets as Security and Ethics Fears Rise
9 articles · Updated · Fox News · May 11
The Senate unanimously approved a rules change barring senators and aides from participating in prediction markets, extending the restriction to staff through an amendment by Sen. Alex Padilla.
Chuck Schumer and Sen. Bernie Moreno said the ban was needed because bets tied to legislation, nominations or other real-world events could exploit inside information, influence votes and erode public trust.
The move follows a recent federal case involving a U.S. special forces soldier accused of betting on Nicolás Maduro’s capture, underscoring lawmakers’ national-security concerns about politically sensitive wagers.
The restriction applies only to the Senate for now, though House members including Rep. Rob Wittman have signaled interest in similar limits.
The vote also revives a broader ethics debate: Congress still has not enacted a full stock-trading ban for lawmakers and aides, despite years of proposals and the 2012 STOCK Act.
Why did the Senate ban prediction market bets so quickly, while a popular stock trading ban has stalled for years?
Beyond Congress, will new ethics rules soon extend to the Supreme Court and the executive branch?
Do financial bans for officials truly restore public trust, or are there deeper institutional issues at play?