The Senate passed a resolution Thursday barring members and staff from participating in prediction market betting, at a time when lawmakers are grappling with how to regulate the rapidly growing industry.
The resolution, which was introduced by Republican Sen. Bernie Moreno, passed unanimously and will go into effect immediately.
“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,” Moreno said on the Senate floor. “So it’s extremely important that the public know that from this day forward, there is no chance that any member of Congress, member of the Senate, in this case, in this resolution I’m going to propose, be involved in any prediction market whatsoever.”