From Quartz.

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Kalshi and Polymarket are under bipartisan scrutiny after Iran-related contracts and suspected insider gains raised regulatory concerns. Both prediction markets listed contracts on whether Iran’s supreme leader Ayatollah Ali Khamenei would be out of power by March. Following U.S.-Israeli strikes on Iran, blockchain analytics firm Bubblemaps identified six suspected insiders who made $1.2 million on bets placed hours before the first attacks. Sen. Chris Murphy called the situation “dystopian” and pledged legislation to ban prediction market trades tied to government action. Oversight capacity is strained as the CFTC recently lost its last enforcement attorney from a team that once numbered 20. Criticism on the right includes Mick Mulvaney’s “Gambling Is Not Investing,” while Kalshi co-founder Tarek Mansour has said he aims to “financialize everything”. #predictionmarket #insidertrading #regulation #financialethics #kalshipolymarket

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