Democratic Rep. of Massachusetts has implemented a policy to ban staffers from betting on prediction markets on issues pertaining to issues such as politics and any information obtained in an official capacity.
“Congressman Seth Moulton (MA-06) today became the first Member of Congress to institute an office-wide policy prohibiting staff from participating in prediction market platformsâsuch as Polymarket and Kalshiâto trade or hold positions on political, legislative, regulatory, geopolitical outcomes, or any information that is learned in an official capacity,” a Wednesday press release asserted.
Prediction markets allow people to wager on what they expect to happen in the future on a vast array of topics, touching upon areas such as sports, business, politics, world affairs, and pop culture.
“Prediction markets have become a playground for corrupt insiders who are able to place bets on things like election outcomes, wars, and even the deaths of public figures. This is creating a perverse incentive structure that poses a genuine threat to American society today,” Moulton said in a statement.
“Congressional staff and the Members they work for exist to serve the constituents of the districts they represent, not to profit off of the very policy decisions and world events that we are here to respond to. My office has not, and will not, engage in these trades that run counter to every principle of a clean, honest government that works for the people,” he continued.
“I will always hold myself and my team to the highest ethical standards, and I call on every single American elected official to do the same,” the lawmaker added.
Moulton has served in the U.S. since early 2015.
He is challenging incumbent Democratic Sen. in a Democratic U.S. Senate primary.
