House memo urges limits on officials' prediction market bets
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What happened
A House Oversight staff memo dated November 13 recommends banning or restricting officials' trading in government and political event contracts, with platforms and regulators sharing data to enforce limits. It cites CFTC actions over a $35,000 penalty for George Santos on Kalshi, a $172,000 penalty for Gabriel Perez on Kalshi mention contracts, and alleged $1.2 million Polymarket trading by Michele Spagnuolo using nonpublic search data. Robinhood, not part of the probe, reported Q3 2026 event contracts revenue of $173 million, more than six times the prior year level. Watch Robinhood's Q4 event contracts figures and the expected Senate Banking chair change in January.
For experienced traders · Written by AI from 1 source · Wrong?
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.
Written by AI from the sources, checked against them
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