Senate Passes Bipartisan Legislation Banning Senators From Betting In Prediction Markets

Added: 2026-05-07

[00:00:00]The Senator from Ohio's recognized.

[00:00:01]Mr. President, [clears throat] as you know, as somebody who led an incredibly distinguished business career, integrity, confidence are the key building blocks in any institution.

[00:00:14]We take a solemn oath here to our Constitution and to represent our constituents with free of any conflicts of interest whatsoever.

[00:00:25]When we come here in the Senate floor, our constituents have to know that our only guiding light is what's best for our state, what's best for the people of our states, and what's best for the United States of America.

[00:00:40]Engaging in any way in a prediction market or trying to place bets where we might have inside information deteriorates our the confidence that our constituents have in us.

[00:00:57]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.

[00:01:15]I'm presenting a resolution that makes that crystal clear. By changing the standing rules of the Senate, what we're doing is allowing our constituents to know once and for all that no member of the United States Senate, no member of this staff of the United States Senate can ever use that inside information to use as a way to monetize this job whatsoever.

[00:01:39]So, I'm very proud that we have unanimous support, hopefully, from every single member of the Senate to do that. So, I ask unanimous consent that the Senate proceed to consideration of S. Res. 708, which is at the desk.

[00:01:57]The clerk will report.

[00:01:59]Senate Resolution 708, amending Rule 37 of the Standing Rules of the Senate to prohibit senators from trading on prediction markets.

[00:02:11]Without objection, the Senate will proceed to the measure.

[00:02:14]I ask unanimous consent that the Padilla amendment at the desk be agreed to, the resolution as amended be agreed to, and the motions to reconsider be considered made and laid upon the table with no intervening action or debate, and point out that the amendment goes broader for us as members of the Senate, but it's not intended to change the definitions of any >> [clears throat] >> of the types of contracts that we're talking about. This is about making certain that we have the integrity that we need to show our constituents.

[00:02:41]Is there objection?

[00:02:43]Without objection, the Democratic leader is recognized. Uh Mr. President, first I appreciate what the Senator from Ohio has done.

[00:02:55]Uh it's a good thing that the Senate is moving swiftly to prohibit senators and staff from playing around in prediction markets. Since this is a resolution, it is immediately going into effect for senators. That's a great thing.

[00:03:08]Speaker Johnson should immediately do the same thing in the House and prohibit House members from playing around in prediction markets as well.

[00:03:18]We must never allow Congress to turn into a casino where members representing the public can gamble on wars or economic crises or elections. That would destroy the very principle of representative government. Just the possibility that members could have their votes influenced because of betting is a reason enough to prohibit members from meddling in the prediction markets. Of all the issues we debate in Washington, this falls clearly in the category of a no-brainer.

[00:03:46]Then we should go further. This is a good start, but not enough.

[00:03:49]The administration and its employees must apply these very same rules, too.

[00:03:54]Particularly this administration, which shows such a troubling affinity to corruption and self-dealing.

[00:04:01]When we come back in May, I'll work with my colleagues to ensure that the administration can't get rich off betting markets, but today's resolution is a very good first step, and I thank my colleagues, the Senator from Ohio, and my colleagues on both sides of the aisle for working quickly to approve this legislation, which I'm proud to support. Yield the floor.