U.S. Senators bans themselves from trading on prediction markets

The United States Senate did something good, today: it unanimously banned members from trading on prediction markets (the tech term of art for sites that let you gamble on anything) and the rule is effective immediately.

The main sites, Kalshi and Polymarket, are often in the news due to the constant insider trading and "contracts" (the tech term of art for bets) that involve death, violence, war and other controversial subjecs. Those aware of President Trump's next moves have made big money there, including, prosecutors claim, one of the U.S. Army Special Forces soldiers who captured Venezuelan president Nicolás Maduro.

Kalshi on April 22 said it suspended and fined one U.S. Senate candidate and two candidates for the House of Representatives for political insider trading on their own campaigns.

The Senators didn't ban their spouses today, though, which seems a likely loophole.

Also controversial is congressional stock trading: a far more significant source of income for elected officials, who are often seen in retrospect to have traded on insider knowledge.

Earlier on 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 market and prohibits event contracts on the outcome of elections, war and military actions in the U.S. or abroad, sports, and government actions without a valid economic hedging interest."

Congress made more than $635 million trading stocks in 2025, beating the market substantially while everyday Americans struggle to get by.

If you're fed up after reading this list, you're not alone. 86% of Americans want Congress to prohibit its members from trading stocks, including 88% of Democrats and 87% of Republicans. Even 90 former House members support a congressional stock trading ban, saying they "strongly recommend attaching this legislation to a 'must pass' package before the conclusion of the year."