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[Digital Today reporter Hwang Chi-gyu] The U.S. House Committee on Oversight and Reform has asked the CEOs of prediction-market platforms Kalshi and Polymarket to turn over internal records as part of an investigation into how the platforms handled potential insider trading.
On May 22 (local time), Cointelegraph reported that Rep. James Comer flagged more than 80 suspiciously timed bets tied to U.S. military operations related to Iran.
Comer said on X (formerly Twitter) that he sent letters to Kalshi CEO Tarek Mansour and Polymarket CEO Shane Coplan. He added that members of Congress are concerned that elected officials and government personnel may have used nonpublic information about planned government actions to profit.
Comer said investigators identified over 80 trades placed at suspicious times ahead of Iranian military operations and accused politicians and government officials with inside information of profiting from those bets. He urged that such insider trading must stop.
The troubling trades include cases reported by The New York Times on May 13. According to those reports, prediction‑market users wagered on Israel’s military actions against Iran and on an announcement by President Donald Trump about a ceasefire with Iran.
Both companies have already taken steps to address insider trading. Polymarket updated its procedures for identifying and responding to potential insider trading on the platform in March, and Kalshi said in April that it had barred three U.S. politicians who bet on its election markets.
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