US House Oversight Chairman Calls for Curbs on Officials' Prediction Market Use
Summary
- James Comer, chairman of the US House Committee on Oversight and Reform, said new rules are needed to restrict government officials' use of prediction markets.
- The report said lawmakers could even consider a full trading ban on prediction market platforms.
- The report said Comer is investigating prediction market trading by public officials after requesting materials from Polymarket and Kalshi.
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James Comer, chairman of the US House Committee on Oversight and Reform, said new regulations are needed to restrict government officials' use of prediction markets to prevent insider trading risks. A full ban on trading on prediction market platforms could also be considered.
The Block reported on November 13 that Comer called for additional regulation as part of an investigation into insider trading risks linked to prediction market trading by public officials.
"Congress should consider additional reforms to prevent public corruption and restore Americans' trust in government," Comer said.
Comer previously launched the probe by asking prediction market platforms Polymarket and Kalshi to submit materials related to user identity verification, enforcement of geographic restrictions and detection of unusual trading activity.
JH Kim
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