Senate Bill Targets Ban On Prediction Markets Nationwide

A new Senate proposal seeks to impose a sweeping ban on prediction markets, targeting bets on sports, politics, and military actions, as reported by Axios. The bill, introduced by Jeff Merkley and backed by Elizabeth Warren, would prohibit event-based contracts tied to elections, legislation, and national security decisions.

Lawmakers argue such markets enable insider trading and risk undermining public trust in democratic institutions.

Exclusive: New Senate bill would ban prediction markets on sports, politics and military https://t.co/T0XZ0XUSmC

— Axios (@axios) March 26, 2026

According to the report, parallel legislation in the House led by Jamie Raskin mirrors the effort. Other bipartisan bills aim to curb prediction-style betting and prevent government officials from exploiting insider information.

Supporters say the crackdown restores the original intent of financial regulations. Critics, including industry players like Kalshi, argue the markets are regulated and banning them could push activity offshore.

The proposal would require approval from Donald Trump, whose regulatory leadership has shown openness to such platforms.

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tippinsightsTIPP Staff