The US House Committee on Oversight and Accountability has sent inquiries to the heads of Kalshi and Polymarket regarding potential insider trading. Committee Chairman James Comer has demanded that CEOs Shayne Coplan and Tarek Mansour provide internal reports on measures taken to prevent illegal trading on their platforms. This is reported by Cointelegraph.com .
There is growing concern among members of Congress that elected officials are using confidential information about government actions to profit in prediction markets. Specifically, over 80 suspicious trades were identified ahead of Iran's military operations. James Comer emphasized that politicians with access to insider information must be prevented from placing bets and profiting.
Suspicious trades include contracts related to Israel's military actions against Iran, a potential ceasefire expected to be announced by Donald Trump, and Congressional elections. While Polymarket stated it updated its anti-insider trading methods in March, Kalshi announced in April that it had blocked three American politicians who placed bets on election results.
Additionally, the US Department of Justice has opened a criminal case against military service member Gannon Ken Van Dyke, who allegedly profited over 400,000 USD on Polymarket using confidential information regarding the capture of Venezuelan President Nicolás Maduro. He is charged with fraud and the misuse of classified information for personal gain.
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