Kalshi · Ars Technica
Senators ban themselves from prediction markets after candidates bet on own races
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US senators voted unanimously to ban themselves from making bets on prediction markets yesterday, about a week after Kalshi said it caught three congressional candidates betting on their own campaigns.
Key facts
- For $100, I got more attention from CNN, Fox, WSJ, etc than any media consultant ever,” he wrote
- Democrat Matt Klein, a House candidate in Minnesota, agreed to a five-year suspension and fine of $539.85
- YES, I did bet ~$100 on myself on Kalshi because I wanted to get caught,” Moran wrote in an X post
- Kalshi also issued a five-year suspension and a penalty of $6,229.30 to independent Mark Moran, a Senate candidate in Virginia, who did not agree to a settlement
Summary
The resolution to prohibit senators from trading on prediction markets passed yesterday by unanimous consent. “United States Senators have no business engaging in speculative activities like prediction markets while collecting a taxpayer-funded paycheck, period,” said Sen. Moreno’s resolution applies broadly to all bets on prediction markets, not those related to events of which a senator has inside knowledge. Senate ethics rules are enforced by the Senate Ethics Committee, but the Senate’s enforcement process has been described as being much less effective than the House equivalent.