Overview
- The Senate’s unanimous rules change Thursday took effect immediately, banning senators, staff, and officers from placing bets on event-outcome contracts such as markets tied to elections, wars, or policy moves.
- The prohibition is internal to the Senate, and leaders called on the House and the administration to enact matching limits.
- The action followed headline cases, including a U.S. soldier charged with using classified details to win more than $400,000 on Polymarket and Kalshi’s suspensions and fines for candidates who wagered on their own races.
- Violations now fall to the Senate Ethics Committee, which can investigate and impose penalties, raising career risks for anyone who ignores the rule.
- Major platforms Polymarket and Kalshi backed the step and broader fights continue, with lawmakers urging CFTC rules to restrict sensitive event contracts and the agency asserting federal authority in lawsuits against state crackdowns.