Acting on a simple, 14-line resolution pushed by Ohio Republican Senator Bernie Moreno, the Senate agreed unanimously to put a restriction between members and the increasingly popular, controversial betting platforms that have drawn scrutiny over insider-trading activity and fights over who has regulatory jurisdiction.
“United States Senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period,” said Senator Moreno in a Thursday statement. “Serving in Congress should never be about finding new ways to profit; it should be about delivering results for the American people.”
Effective immediately, the change to Senate rules now holds that senators can’t enter “an agreement, contract, or transaction that provides for any purchase, sale, payment, or delivery that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of a specific event.”
Source: U.S. senators won’t be weighing in on prediction markets bets after banning themselves