Posted on: April 24, 2026, 07:14h.
Last updated on: April 24, 2026, 07:14h.
A new resolution pitched by Sen. Bernie Moreno (R-OH) proposes banning members of the upper chamber of Congress from participating in prediction markets.
An aerial view of the United States Capitol Building in December 2024 in Washington, DC. Significant revenue would be generated with a 5% sports betting tax..(Image: Shutterstock)Wording in a statement issued by Moreno’s office implies the Ohio Republican will introduce a resolution stating that sitting members of the Senate cannot buy and sell event contracts.
No Member of the Senate may enter into, or offer to enter into, 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 even,” according to Moreno’s resolution.
Moreno unveiled plans for the resolution a day after President Trump was openly critical of prediction markets, noting the “world has become a casino.” The president’s remarks caught some industry and political observers by surprise because his eldest son, Don Jr., is an advisor to both Kalshi and Polymarket — two of the biggest prediction market operators — and an investor in the latter.
Moreno Resolution Could Gain Bipartisan Support
Resolutions usually don’t carry the weight of a bill, but the Moreno resolution could gain bipartisan support because senators and House members are applying increasing scrutiny to yes/no exchanges and those criticisms are crossing party lines.
For example, Sen. John Curtis (R-UT) and Sen. Adam Schiff (D-CA) last month introduced a bill that could limit the ability of prediction markets to offer sports event contracts. Other senators have proposed legislation aimed at curbing insider trading of event contracts and enforcing punishment for bad actors.
Those efforts come at a time when more instances of insider trading on prediction markets are popping up and as voters are increasingly aware that some politicians are allegedly leveraging their positions to profit in the stock market.
“Any Senator who comes to Washington, D.C. to cash in, play the markets, or treat public office like a side hustle is a betrayal to the people they swore to serve,” said Senator Moreno in a statement. “If you’re here to enrich yourself instead of fight for the American people, this a clear abuse of power and you have no business holding public office.”
What’s Next
It remains to be seen what comes of Moreno’s resolution, but it is clear he wants it passed in unanimous fashion. It’s also worth noting that as of yet, no sitting member of Congress has been accused of insider trading on prediction markets, though there are allegations such chicanery has occurred at the White House and some government agencies.
Some members of Congress and governors have gone so far as to ban staff from trading on platforms such as Kalshi and Polymarket.
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