House memo urges limits on officials' prediction market bets
REGULATIONCommodity Futures Trading Commissioncoinbrief/daily · 1 source
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What happened
A November 13 memo from House Oversight staff asks Congress to ban or tightly limit officials in all branches from trading on government and political prediction market contracts, even without inside information. The memo cites three CFTC cases, including a $1.2 million trade on Polymarket.com that the CFTC alleges used nonpublic search data. The Senate already barred senators and their staff in April, and the Department of War has barred personnel from using prediction markets for personal gain.
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What to do
- Watch Robinhood's Q4 event contracts figures, which the article says will show whether growth holds under added scrutiny.
- Watch for Elizabeth Warren's expected move to chair Senate Banking from January, as she is a longtime crypto critic.
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Who reported · 1 outlet
BeInCrypto
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