Senate Bans Members from Prediction Market Trading Following $400K Insider Bet Controversy

According to the Senate Press Gallery, U.S. senators are now barred from trading on prediction markets following the unanimous passage of S. Res. 708 on Thursday. The measure, introduced by Sen. Bernie Moreno (R-Ohio), amends the Senate's standing rules and became effective immediately.

The ban addresses insider trading concerns that intensified after a Polymarket account wagered that Venezuelan President Nicolás Maduro would be "out" by the end of January, netting $400,000. Prosecutors later arrested active-duty U.S. Army Soldier Gannon Ken Van Dyke, 38, for allegedly using confidential information to place the bet. He has pleaded not guilty.