White House warns staff against insider trading on prediction markets
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The White House has warned its staff against engaging in insider trading on prediction markets, citing concerns over the use of nonpublic government information for financial gain. The warning comes amid controversy over trades on prediction sites related to the Iran war, with lawmakers proposing bills to regulate these markets and prevent insider trading by government officials.
The White House warned staff against insider trading on prediction markets. A memo reminded employees that using nonpublic information for financial benefit is a criminal offense and violates federal ethics regulations. The warning cited press reports of government officials possibly cashing in on nonpublic information. The memo specifically mentioned Kalshi and Polymarket, popular prediction sites with billions of dollars in weekly trading volume. Lawmakers have proposed bills to regulate prediction markets and prevent insider trading. The White House spokesman stated that any implication of administration officials engaging in such activity without evidence is baseless and irresponsible reporting.
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