TechFlow News, May 1: According to The Block, the U.S. Senate unanimously passed Senate Resolution S. Res. 708 on Thursday, effective immediately, prohibiting senators from trading on prediction markets. The resolution was introduced by Senator Bernie Moreno to prevent insider trading.
Previously, a Polymarket account allegedly used non-public information to bet on the ouster of Venezuelan President Nicolás Maduro and earned $400,000. Active-duty soldier Gannon Ken Van Dyke has since been arrested in connection with the incident and currently denies the charges.
Tarek Mansour, founder of Kalshi, and Polymarket have both publicly expressed support for the resolution. Polymarket stated that its platform rules already prohibit such conduct and pledged full cooperation in advancing the legislative process.
