What To Watch For
Federal regulators are reportedly considering banning Perez from making similar trades and requiring him to give back his profits, according to the ABC sources.
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Key Background
Federal lawmakers have taken steps to place guardrails around insider trading on prediction markets, a relatively new phenomenon. The Senate passed a resolution in April banning all senators from trading on prediction markets, and the House is weighing similar legislation. The Justice Department charged a special operations soldier involved in Venezuelan President Nicolas Maduro’s capture, Gannon Ken Van Dyke, with profiting more than $400,000 trading on Polymarket about the operation. He was charged with unlawful use of confidential information for personal gain, theft of nonpublic government information, commodities fraud and wire fraud. He has pleaded not guilty.
further reading
Donald Trump Jr. Joins Prediction Market Kalshi (Forbes)
George Santos Under Investigation Over Kalshi Bet On His Own State Of The Union Attendance (Forbes)
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Polymarket, Kalshi Reach Monthly Traffic Peaks—Greater Than Election-Fueled November 2024 (Forbes)
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