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James Comer Seeks Answers From Kalshi And Polymarket On Election Trades In Probe
Comer asks Kalshi and Polymarket for records on identity checks, location controls, and suspicious election trading by June 5.
House Oversight Committee Chair James Comer has opened a probe into Kalshi and Polymarket over possible insider trading on prediction markets.
The investigation focuses on whether users with non-public government information could profit from contracts tied to elections, policy decisions, and geopolitical events.
Comer has asked both platforms to provide documents on identity checks, location controls, and suspicious trading detection by June 5.
Comer Requests Records From Prediction Platforms
According to CNBC, Comer sent letters to Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour.
The letters request information on how each platform monitors users and trading activity.
Comer said internal platform records are needed to identify bad actors. He also said those records can show whether platforms meet legal obligations.
The request covers identity verification for U.S. and international users. It also asks how platforms enforce geographic restrictions and detect unusual trading.
The probe follows growing interest in prediction markets from lawmakers.
These platforms let users trade contracts based on real-world outcomes, including elections and government actions.
Insider Trading Concerns Drive Investigation
Comer said government workers may have access to information before the public. He said that knowledge could be used to profit from prediction markets.
“There’s a concern now that members of Congress, members of the president’s administration, any type of government employee, can use basic insider knowledge,” Comer said on CNBC.
He added that lawmakers may need to consider new rules. Comer said Congress could restrict participation by lawmakers, government employees, and administration officials.
The investigation also covers markets tied to geopolitical events. Such contracts can move quickly after policy decisions, military updates, or official announcements.
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Kalshi And Polymarket Respond To Inquiry
Kalshi said he plans to work with the committee. Elisabeth Diana, the company’s head of communications, said Kalshi has built systems to prevent insider trading.
“As a US-regulated exchange we are proud of our comprehensive protections against insider trading,” Diana said in a statement.
Polymarket also said it will engage with the committee. A company spokesperson said the platform maintains a market integrity framework.
The spokesperson added that Polymarket looks forward to discussing its transparency systems with Comer and the committee.
Prediction markets have grown quickly and have attracted more scrutiny.
Lawmakers are now reviewing whether existing rules are enough for platforms tied to political and government outcomes.