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US representatives seek inquiry into prediction-market trading

Regulation

Seven Democratic members of the US House, led by Chris Pappas, asked Oversight Committee chair James Comer to investigate suspected insider trading and corruption on online prediction markets. Their letter cites trades linked to military operations and asks Comer to respond by 22 May; separately, the CFTC again supported Kalshi in an Ohio state-court dispute.

The requested inquiry could bring congressional scrutiny of operators’ controls over trading based on sensitive information.

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Regulation

Congress members seek investigations into Polymarket trades ahead of Iran ceasefire

US Representative Ritchie Torres asked the Commodity Futures Trading Commission to review and investigate trades on Polymarket after accounts placed bets on a US-Iran ceasefire shortly before President Donald Trump announced it. Torres said the trades raised concerns about possible access to non-public information; Senator Richard Blumenthal separately asked Polymarket to explain its handling of bets on war and violence.

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