“These repeated, illicit bets raise significant concerns about the mishandling of confidential information on Polymarket, and calls into question whether it is taking adequate steps to prevent, deter, and report national security leaks and gambling over matters of life-and-death,” Blumenthal wrote.
Last month, Blumenthal introduced legislation alongside Sen. Andy Kim (D, N.J.) seeking to regulate prediction markets, including banning listings related to war, death, and military action.
A bipartisan group of lawmakers also introduced the “Preventing Real-time Exploitation and Deceptive Insider Congressional Trading Act” in the House on March 25, which would ban members of Congress, the President, and executive branch officials and their families from trading on prediction markets tied to political events.
Rep. Ritchie Torres (D, N.Y.) sent a letter to the Securities and Exchange Commission and the CFTC asking the commissions to investigate trading that happened in the minutes before Trump’s March 23 announcement. The lawmaker told Bloomberg that the “sheer speed, scale and structure of the trade” appeared suspicious.
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