“Bets Off Act” sign as Rep. Greg Casar, Democrat of Texas, left, and Sen. Chris Murphy, Democrat of Connecticut, speak during a news conference at the U.S. Capitol in Washington, DC, U.S., Tuesday, March 17, 2026.
Stefani Reynolds | Bloomberg | Getty Images
The US Senate on Thursday unanimously adopted a rule barring senators from negotiating on prediction markets effective immediately.
The move comes amid growing concern over insider trading on prediction market platforms such as Kalshi And Polymarketand on contracts for events that may involve death or violence.
On April 22, Kalshi said he had suspended and fined a U.S. Senate candidate and two House of Representatives candidates for political insider trading on their own campaigns.
On April 23, a US Army Special Forces soldier, Staff Sgt. Gannon Ken Van Dykewas arrested on an indictment charging him with classified information to make bets on Polymarket linked to the US military mission that captured Venezuelan leader Nicolas Maduro.
Van Dyke, who participated in this mission, made nearly $410,000 from these bets, according to the Justice Department.
Read more news about the US-Iran warEarlier Thursday, a group of Democratic members of Congress called on the Commodity Futures Trading Commission to issue a rule “that prevents insider trading and corruption in the marketplace and prohibits event-driven contracts on the outcome of elections, wars and military actions in the United States or abroad, sports, and government actions without valuable economic hedging interest.”
Disclosure: CNBC and Kalshi have a business relationship that includes a minority investment from CNBC.
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