House Democrats Urge CFTC to Regulate Offshore Prediction Market War Bets
A group of House Democrats, led by Representatives Seth Moulton and Jim McGovern, has called on the Commodity Futures Trading Commission (CFTC) to take action against offshore prediction markets that allow bets on war and government actions. The lawmakers expressed concerns about insider trading on platforms like Kalshi and Polymarket, where users can place bets on events such as the ouster of Venezuelan President Nicolás Maduro and the U.S.-Israeli attack on Iran. The Democrats argue that the CFTC has the authority to regulate these markets under the Commodity Exchange Act, which allows the agency to oversee swap activities with significant connections to U.S. commerce. The letter to CFTC Chair Michael Selig questions the agency's lack of public action against such bets and requests a response by April 15. 
