Bobby Allen
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It's already illegal for members of Congress to use non-public information to trade on prediction markets, but now the Senate has gone a step further and barred senators from using the platforms at all.
The Justice Department recently indicted a Special Forces Army soldier for allegedly using classified information about the arrest of Venezuela's Nicolás Maduro to make $400,000 on the site Polymarket.
And Calshi, another prediction market site, fined and suspended three congressional candidates last week for betting on their own campaigns.
The Trump administration has taken a light-touch approach to the prediction market industry, which the president's son, Donald Trump Jr., has invested in.
It's already illegal for members of Congress to use non-public information to trade on prediction markets, but now the Senate has gone a step further and barred senators from using the platforms at all.
The Justice Department recently indicted a Special Forces Army soldier for allegedly using classified information about the arrest of Venezuela's Nicolas Maduro to make $400,000 on the site Polymarket.
And Calshi, another prediction market site, fined and suspended three congressional candidates last week for betting on their own campaigns.
The Trump administration has taken a light-touch approach to the prediction market industry, which the president's son, Donald Trump Jr., has invested in.
Wisconsin officials took Polymarket, Kalshi, and other prediction markets to court, saying the sites are indistinguishable from traditional sports betting, only they don't follow state laws.
Now the Trump administration is fighting back.
Trump officials say the federal government is treating Polymarket and Kalshi as a type of futures contract under commodities law.
The apps allow people to bet on far more than soybeans and corn futures, though.
The apps let bettors place wagers on elections, military strikes, and White House policy.
The administration's Wisconsin suit follows similar actions against New York, Illinois, Connecticut, and Arizona.
Legal experts say the court battles are likely teeing up a case before the Supreme Court.
More than 600 Google employees wrote to CEO Sundar Pichai that, quote, "...we want to see AI benefit humanity, not see it being used in inhumane or extremely harmful ways."