A resolution amending rule XXXVII of the Standing Rules of the Senate to prohibit Senators from trading on prediction markets.
Sponsored By: Senator Moreno, Bernie [R-OH]
Passed Senate
Summary
Bans Senate members and staff from trading prediction-style commodity contracts. It bars any Member, officer, or employee of the Senate from entering into agreements, contracts, swaps, or transactions that involve an excluded commodity and pay out based on the occurrence, nonoccurrence, or extent of a specific event or contingency.
Show full summary
- Senate members, officers, and employees: Cannot enter into or offer contracts, swaps, or transactions that provide for purchase, sale, payment, or delivery of an excluded commodity when the deal depends on whether or how much an event happens. Insurance is allowed if the insured holds a lawful insurable interest.
- Other branches: The Senate expresses the view that the House, the executive branch, and the judicial branch should adopt similar restrictions on participation in prediction markets.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Senators and staff banned from prediction markets
Members, officers, and employees of the Senate cannot make or offer prediction-market trades. The ban covers deals that pay out based on whether a specific event happens or how much it happens. It does not apply to ordinary insurance when the insured has a lawful insurable interest. This rule takes effect upon adoption. The Senate states that other branches should adopt similar limits.
Sponsors & CoSponsors
Sponsor
Moreno, Bernie [R-OH]
OH • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov