by Ben Whedon
Sen. Bernie Moreno, R-Ohio, on Friday introduced legislation to ban lawmakers from using betting markets.
“Any Senator who came to DC to cash in, game prediction markets, or treat public office like a side hustle is betraying the oath they swore to their country,” he posted on X.
“I’m introducing legislation to BAN this insider trading in the Senate and will call for it to be passed UNANIMOUSLY.”
The legislation follows the FBI arresting a U.S. service member who bet on the removal of Venezuelan President Nicolás Maduro, before personally participating in the operation to remove him.
“Our men and women in uniform are trusted with classified information in order to accomplish their mission as safely and effectively as possible, and are prohibited from using this highly sensitive information for personal financial gain,” said Acting Attorney General Todd Blanche. “Widespread access to prediction markets is a relatively new phenomenon, but federal laws protecting national security information fully apply.”
Kash Patel, FBI director, said this announcement “makes clear no one is above the law, and this FBI will do whatever it takes to defend the homeland and safeguard our nation’s secrets.”
“Any clearance holders thinking of cashing in their access and knowledge for personal gain will be held accountable,” he added.
Congress has long faced scrutiny for alleged insider trading, though legislation to prohibit such trades has struggled to gain traction.
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Ben Whedon is a reporter for Just the News. Zachery Schmidt is the digital editor of The Star News Network and contributed to this story.
