Bernie Moreno

WASHINGTON — The U.S. Senate unanimously passed a resolution on Thursday barring senators, their officers, and staff from participating in prediction markets, capping a swift push by U.S. Sen. Bernie Moreno to address growing concerns about insider trading on the rapidly expanding platforms.

The Westlake Republican introduced the resolution just last week, and its unanimous passage came as federal prosecutors were pursuing a high-profile criminal case of insider trading on a prediction market — the indictment of active-duty U.S. Army soldier Gannon Van Dyke, who is charged with using classified military information to profit on Polymarket when U.S. forces captured Venezuelan President Nicolás Maduro in January.

On the Senate floor, Moreno called the measure essential to preserving public trust in the institution. He said the resolution “makes that crystal clear by changing the standing rules of the Senate,” that none of its members and staffers can ever use inside information they get to “monetize this job.”

In a statement following passage, Moreno said: “United States Senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period. Serving in Congress should never be about finding new ways to profit; it should be about delivering results for the American people.”

Senate Democratic Leader Chuck Schumer of New York praised the action on the floor and immediately called for it to be extended further. He urged House Speaker Mike Johnson to “immediately do the same thing in the House, and prohibit House members from playing around in prediction markets as well.”

Schumer warned that the stakes extended beyond individual ethics.

“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,” he said, calling the issue “a no brainer.”

But Schumer made clear he views the Senate resolution as only a first step. “

The administration and its employees must apply these very same rules too,” he said, promising action after Congress returns in May. “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.”

The resolution amends Rule XXXVII of the Senate’s Standing Rules to prohibit any senator from entering “into, or offer(ing) to enter into, an agreement, contract, or transaction that provides for any purchase, sale, payment, or delivery that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of a specific event.”

Because it is a resolution rather than legislation, it took effect immediately upon passage.