“We must never allow Congress to turn into a casino, and we shouldn’t let the White House, or the West Wing, be one either,” Schumer said in a statement.
Schumer asked the House to implement a similar measure and for the President to sign a comprehensive federal ban covering every government official, staffer, and employee in the executive branch.
The Senate ban follows several reported incidents of suspected insider trading in prediction markets. Last month, Kalshi fined and suspended three U.S. congressional candidates from using their platform for five years for placing bets on the outcome of their respective races.
Earlier in April, the Associated Press reported on new Polymarket accounts reaping hundreds of thousands of dollars in profit after placing well-timed and highly specific bets on the timing of a U.S.-Iran ceasefire.
Trump has previously said he was “never much in favor of” prediction markets, when asked about federal workers possibly using classified information to trade on them, but he added that “the whole world unfortunately has become somewhat of a casino.”
But the Trump family stands to gain from such markets. Trump’s son, Donald Trump Jr., is linked to Polymarket and Kalshi, the top two firms in the industry. Trump’s social media platform Truth Social also announced last year plans to have its own cryptocurrency-based prediction market called Truth Predict, without a clear launch date.
“When people on the inside can profit from what they know before the public knows it, we have a serious problem,” Schumer said. “It puts our troops at risk. It puts our intelligence at risk. It puts our democracy at risk.”
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