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A bipartisan group of senators just introduced legislation to crack down on prediction market trading by people in power. Sens. Kirsten Gillibrand and Dave McCormick want to bar federal lawmakers from placing wagers on prediction markets.

The bill goes further than the Senate resolution passed last week. It would also prohibit the president, vice president, and senior executive branch officials from trading on prediction markets.

It would also require the Commodity Futures Trading Commission to determine whether current rules are sufficient to prevent insider trading.

The push comes days after a U.S. soldier was arraigned on charges that he used insider knowledge of military plans to place more than a dozen wagers. Prosecutors say he netted more than $400,000 from the bets.

The bill would also empower the Commodity Futures Trading Commission to ban prediction market bets on war, violence, terrorism, and other acts deemed contrary to the public interest, while requiring platforms like Polymarket and Kalshi to verify users are at least 18.