U.S. Senator Bernie Moreno has officially introduced a resolution aimed at prohibiting sitting senators from participating in prediction markets.
These online platforms allow users to wager real money on the outcomes of specific real-world events, ranging from election results to military operations.
Moreno, a Republican representing Ohio, argues that utilizing public office for personal financial gain is a fundamental betrayal of the public trust.
He contends that senators should be focused on serving their constituents rather than treating their positions as a side hustle for market speculation.
The rapid expansion of platforms such as Polymarket and Kalshi has sparked intense scrutiny from lawmakers and regulators alike.
Critics worry that individuals with access to classified information or the power to influence policy could exploit their positions for profit.
Recent incidents have highlighted the potential for abuse within these digital betting spaces.
For instance, reports have surfaced regarding suspicious trading activity surrounding military strikes, raising questions about whether participants possessed advance knowledge of sensitive government actions.
The Department of Justice has already begun taking action against individuals who misuse classified information for financial gain on these platforms.
A recent case involving an active-duty soldier underscores the growing national security risks associated with widespread access to prediction markets.
Moreno’s proposed resolution seeks to amend Rule XXXVII of the Senate’s Standing Rules to explicitly ban members from entering into any contract dependent on the occurrence of specific events.
This move is intended to establish a clear ethical boundary for all elected officials in the upper chamber.
The senator has publicly called for the resolution to be passed unanimously to demonstrate a unified commitment to integrity.
By removing the temptation of market speculation, the proposal aims to restore confidence in the legislative process and ensure that senators remain focused on their primary duties.
As the debate over digital betting continues, this resolution represents a significant step toward modernizing congressional ethics rules.
It addresses the intersection of emerging financial technologies and the traditional responsibilities of public service in an increasingly complex digital landscape.