White House employees banned from betting on prediction markets due to insider risk
Kyiv • UNN
White House employees have been banned from using non-public data for financial gain on platforms. Senators are calling for stricter market controls.
White House employees have been warned against using insider information for betting on prediction markets. This is reported by the BBC, writes UNN.
Details
The relevant letter was sent out on March 24 amid reports of possible use of non-public data on platforms such as Kalshi and Polymarket. The White House emphasized that federal employees are subject to ethical norms that prohibit obtaining financial gain from insider information.
Any suggestions that administration officials are engaging in such activity without evidence are baseless and irresponsible
Interest in prediction markets has grown amid cases of possible insider betting, particularly after the situation with winning almost half a million dollars on events in Venezuela. Calls are already being made in the US to strengthen control over such platforms.
Corruption and exploitation are now thriving in the gaps and loopholes of prediction markets