US Senate bans itself from betting on prediction markets

The US Senate unanimously passed a rule banning members and staff from prediction markets, with a similar resolution set to be introduced in the House.

The US Senate on Thursday unanimously approved a resolution banning its members and staff, who are often exposed to sensitive information, from using prediction markets.

The resolution, passed by unanimous consent, changed the Senate's rules and took immediate effect. 

“Engaging in any way in a prediction market or trying to place bets where we might have inside information deteriorates the confidence that our constituents have in us,” Republican Senator Bernie Moreno, who introduced the resolution, said on the Senate floor.

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