Rep. Alexandria Ocasio-Cortez (D-N.Y.) said prediction markets’ latest moves to restrict insider trading are “absolutely not enough” in a Monday post on social media.
“Just on the policy piece alone, there are SO many individuals – staff, advisors, consultants, cabinet secretaries, spouses, and more – that can trade on insider information,” the New York Democrat said in her X post.
“This is just a fig leaf to deflect from criticism. We need to do more.”
Prediction markets Kalshi and Polymarket announced Monday that they were rolling out new insider trading restrictions.
Kalshi in its announcement said that it was “launching new technological guardrails that preemptively block politicians, athletes, and other relevant people from trading in certain politics and sports markets.”
In its own announcement, Polymarket said it had unveiled “updated market integrity rules” that “clarify three core categories of prohibited insider trading conduct,” which include “trading on stolen confidential information,” “trading on illegal tips” and “trading by those who can influence the outcome.”
When reached for comment, a spokesperson for Kalshi directed The Hill to an X post in response to Ocasio-Cortez’s earlier post from the company’s CEO Tarek Mansour.
“Like traditional markets, Kalshi already bans, monitors, and enforces against all the groups you mentioned,” Mansour’s post reads.
“Today’s release adds pre-trade screens to block people from participating at all (even the stock market doesn’t do this yet).”
The Hill has reached out to Polymarket for comment.
The potential for abuse of betting markets with insider information has been highlighted during the Iran war.
One trader on Polymarket made nearly $1 million since 2024 on bets that correctly predicted US and Israeli military actions against Iran, CNN reported.
And eight accounts, all newly created around March 21, bet a total of nearly $70,000 on the U.S. and Iran reaching a ceasefire by March 31, an outcome that looks more likely this week after Trump signalled a desire for an end to the war. They stand to make nearly $820,000 if a deal is reached within a week, The Guardian reported.
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