Comer launches investigation into prediction markets insider trading [View all]

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Source: The Hill

05/22/26 3:20 PM ET


House Oversight and Government Reform Committee Chair James Comer (R-Ky.) launched an investigation Friday into prediction market platforms Kalshi and Polymarket to determine whether their users are using nonpublic or classified information to engage in insider trading.

Comer sent letters to Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan on Friday seeking details and internal records showing how the platforms verify users’ identities, flag suspicious trading activity and block access to offshore markets. “We are examining the adequacy of company safeguards to prevent access to offshore sites to circumvent compliance with applicable U.S. federal regulations governing prediction market platforms,” Comer said in a statement.

The online platforms are essentially gambling sites that allow users to place bets on future outcomes of events ranging from sports games and elections to predicting the weather.

The prediction market platforms drew significant attention in Washington in the past few months, however, after suspicious betting patterns tied to geopolitical events like the U.S.-Israeli war in Iran raised concerns of possible insider trading.

Read more: https://thehill.com/homenews/house/5891863-congressional-probe-prediction-markets/