Senate Approves Ban on Prediction Market Trading by Members and Staff

U.S. Senate voted unanimously to ban its members and staff from trading on prediction markets, according to Bloomberg and WatcherGuru reports. Defense Secretary Pete Hegseth testified before the Senate Armed Services Committee alongside General Dan Caine, as reported by France24.

Democratic Sen. Elizabeth Warren of Massachusetts pressed Hegseth about Pentagon regulations on insider trading related to Iran war developments on prediction markets, per CBS News. In a separate exchange, Hegseth denied insider trading allegations tied to Iran war oil trades during questioning by Warren, according to Fox News.

Hegseth said, 'No one owns me,' in response to Warren’s comments on the matter. Sen. Jacky Rosen, a Democrat from Nevada, accused Hegseth of antisemitism over his use of the term 'Pharisees' to label opponents, as detailed in the Washington Examiner.

The term 'Pharisee' refers to a Second Temple era Jewish group, the Examiner noted. During the testimony, Rosen pressed Hegseth on his use of 'Pharisee' as an insult. Hegseth laughed off the antisemitism accusations from Rosen.

Multiple sources identify Hegseth as serving in the role of Defense Secretary. The Senate's ban on prediction market trading followed the hearing, with the resolution passing without opposition. The events occurred amid ongoing discussions of the Iran war, though specific timelines for war developments were not detailed in the sources.

Hegseth's testimony focused on departmental priorities, with his responses emphasizing mission execution over direct engagement with the insider trading queries.