The Minnesota State Senate approved SF 4474 and SF 4511 on April 30 in an effort to ban sweepstakes casinos and prediction markets from being offered in the state.The...
US bill bans Senate members from prediction market trading
The U.S. Senate unanimously passed a bill to ban members and staffers from trading on prediction markets, effective from April 30, 2026.
The measure was initially introduced by Ohio Senator Bernie Moreno and was later amended to include Senate staff as well by Democratic Senator Alex Padilla. Additionally, the Senators have called on the House of Representatives, as well as the executive and judicial branches of the government, to enforce similar restrictions.
Senator Moreno commented:
“Engaging in any way in a prediction market or trying to place bets where we might have inside information deteriorates our confidence that our constituents have in us. United States senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck.”
With the growing criticism towards prediction markets, operators like Kalshi and Polymarket shared their support of the measure.
Polymarket stated:
“We’re in full support of this. Our Rulebook & Terms of Service already prohibit such conduct, but codifying this into law is a step forward for the industry.”
Tarek Mansour, the CEO of Kalshi, added:
“Kalshi already proactively blocks members of Congress and enforces against insider trading. This is a great step to increase trust in our markets by making it an industry standard. Now, let’s pass this in the House!”
Minority Leader Chuck Schumer stressed during the April 30 Senate meeting that the House must follow in the same steps, while Iowa Representative Ashley Hinson has revealed that she plans to introduce a similar bill in the House.
Prediction market operator Kalshi reached an all-time high in weekly trading volume with $3.91 billion as of April 28, surpassing competitor Polymarket by around $2 billion.
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