Moreno introduces resolution banning senators from prediction markets

Sen. Bernie Moreno (R-Ohio) introduced a resolution on Friday that would ban senators from participating in prediction markets amid concerns about potential insider trading on the platforms.

The resolution would amend the Senate rules to include a provision stating that members may not enter into “an agreement, contract, or transaction that provides for any purchase, sale, payment or delivery” dependent on the outcome of a specific event.

“Any Senator who came to DC to cash in, game prediction markets, or treat public office like a side hustle is betraying the oath they swore to their country,” Moreno wrote in a post on the social platform X.

“I’m introducing legislation to BAN this insider trading in the Senate and will call for it to be passed UNANIMOUSLY,” he added.

Prediction markets allow individuals to wager on the outcome of a wide range of events, from sports to politics to the economy. But scrutiny over the platforms is spreading as lawmakers and experts grow concerned about potential market manipulation.

Criticism has intensified in recent months amid a series of well-timed bets related to U.S. military operations that ousted former Venezuelan President Nicolás Maduro and the conflict in Iran.

A soldier stationed at Fort Bragg was indicted Thursday after prosecutors alleged he used confidential information about the forthcoming operation in Venezuela to place bets on Polymarket.

Gannon Ken Van Dyke, 38, is accused of placing bets on markets about the U.S. operation and Maduro’s capture in the days leading up to the Jan. 3 raid, and ultimately pocketing nearly $410,000 after winning the wagers.

At least two Republican lawmakers have called for President Trump to pardon Van Dyke, arguing that prosecuting him would be unfair while similar alleged behavior from members of Congress goes unchecked.

“Maybe not a popular take but I am calling for this guy to be pardoned,” Rep. Anna Paulina Luna (Fla.) wrote on the social platform X. “Unless the DOJ plans on going after all the crooks in congress currently insider trading, this is simply skewed justice.”

Fellow Florida Rep. Jimmy Patronis (R) also chimed in, saying on X that Van Dyke’s charges amounted to “selective enforcement, not justice.”

“I don’t support what he did, and he should absolutely have to give back every dollar he made,” Patronis wrote. “But holding one person accountable while others get a pass undermines the idea of equal justice under the law.”

Polymarket and similar platforms, such as Kalshi, have taken steps to crack down on insider trading in the face of mounting pressure to regulate how consumers use their services.

In March, Kalshi announced it was launching “new technological guardrails” that will block politicians, athletes and other relevant people from trading in certain markets.

It issued a five-year suspension to three political candidates earlier this week for betting on their own races: Minnesota congressional candidate and state Sen. Matt Klein (D), former Texas congressional candidate Ezekiel Enriquez (R) and Virginia Senate candidate Mark Moran (I).

Polymarket also unveiled “updated market integrity rules” last month to clarify prohibited conduct, including trading on stolen confidential information and illegal tips or by those who can influence the outcome.

The company said in a post on X that Van Dyke’s arrest was “proof” the system is working as designed.

“When we identified a user trading on classified government information, we referred the matter to the DOJ & cooperated with their investigation,” they wrote. “Insider trading has no place on Polymarket.”

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