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No one would have predicted it.
But you could have made a lot of money if you did.
With uncharacteristic dispatch, the United States Senate unanimously voted to ban senators and staff from playing in the prediction markets.
“This is a national security risk,” said Senate Minority Leader Chuck Schumer, D-N.Y. “The very possibility that a member’s vote could be influenced by a bet is reason enough to slam the door shut.”
SENATE QUIETLY BANS LAWMAKERS FROM BETTING ON PREDICTION MARKETS
The Senate has unanimously voted to ban its members and staff from betting in prediction markets. (iStock)
You can’t predict the future. But now in the Senate, you can’t even bet on it.
Especially real world events.
Like if the stock market might crash. The fate of the economy. War. Terrorism.
Or who would wear what gown at the Met Gala.
SEN DAVE MCCORMICK: PREDICTION MARKETS ARE BOOMING. WASHINGTON MUST CATCH UP
The biggest concern on Capitol Hill is potential wagering on the fate of legislation. Or the confirmation of nominees. There’s bipartisan concern that speculation in the prediction markets could tilt political outcomes.
“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,” said Sen. Bernie Moreno, R-Ohio.
Moreno pushed to change the rules for senators. Sen. Alex Padilla, D-Calif., amended Moreno’s proposal to include Senate aides.
This only applies to the Senate. For now. The House is playing catch up.
“Any place where your role in Congress has a potential for individual benefit, I think needs to be tightly controlled,” said Rep. Rob Wittman, R-Va., when asked about prospects for a similar measure in the House.
Keep in mind that under the Constitution, the House and Senate can make their own rules.
Senate Minority Leader Chuck Schumer, D-N.Y., has said “we must never allow Congress to turn into a casino.” (Graeme…
