House Oversight Probes Polymarket and Kalshi Over Iran War Bets
The U.S. House Committee on Oversight and Accountability, led by Chairman James Comer, has launched an investigation into prediction markets Polymarket and Kalshi regarding potential insider trading related to bets on a U.S.-Iran conflict. The committee sent information requests to the CEOs of both platforms, seeking details on trading activity and compliance with federal law. Comer warned that subpoenas could follow if the companies fail to cooperate. The probe focuses on whether traders used non-public information to profit from contracts tied to geopolitical events, raising concerns about market integrity and national security. This marks the first congressional inquiry into prediction markets' handling of sensitive geopolitical events.
Key facts
- House Oversight Committee is probing Polymarket and Kalshi.
- Chairman James Comer sent information requests to both CEOs.
- Subpoenas are possible if companies do not comply.
- Investigation concerns insider trading on Iran war bets.
- Focus on use of non-public information in prediction markets.
- First congressional inquiry into prediction markets for geopolitical events.
- Polymarket and Kalshi are decentralized prediction platforms.
- Committee seeks details on trading activity and compliance.
Entities
Institutions
- U.S. House Committee on Oversight and Accountability
- Polymarket
- Kalshi
Locations
- United States
- Iran
Sources
- Quartz —