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Elissa Slotkin Says Senate Prediction Market Ban Should Extend To Executive Branch After Suspicious Iran,
Sen. Elissa Slotkin (D-Mich.) introduced an amendment on Tuesday to prevent insider trading by any U.S. government official on prediction markets.
Slotkin Raises Alarm Over Polymarket War Bets
In an X post, Slotkin pointed to traders placing perfectly-timed bets linked to U.S. military actions in Iran and Venezuela on Polymarket, a cryptocurrency-based prediction market.
Notably, blockchain analysis revealed that six suspected insider accounts made $1.2 million betting the U.S. would strike Iran by Feb. 28. The most suspicious account made $494,374 on the wager.
Moreover, a U.S. soldier was charged last month with allegedly using classified information to profit from a Polymarket bet linked to the capture of Venezuela’s ousted leader, Nicolás Maduro.
“Just nine Polymarket accounts have made over $2.4 million by betting on military operations with a 98% success rate,” Slotkin stated.
Prediction Market Ban To Cover Entire Executive Branch?
Responding to the developments, Slotkin—a member of the Homeland Security and Government Affairs committee—said she introduced an amendment to enforce restrictions on government officials using insider information for prediction market trades.
Slotkin highlighted how the Senate unanimously passed a resolution last month that bans Senators, Officers, and staff from participating in prediction markets, and wants it extended to the entire executive branch.
It's worth noting that Slotkin, along with Sen. Todd Young (R-Ind.), Adam Schiff (D-Calif.), and John Curtis (R-Utah), introduced bipartisan legislation on the issue in March.
Slotkin’s amendment comes in the wake of intense scrutiny involving prediction markets. Sen. Elizabeth Warren (D-Mass.) has repeatedly called for an investigation into suspected insider trading in bets tied to Iran strikes.
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