Congress Grills Prediction Market Over Suspicious Bets

0:00It's April 9th. I'm Cory with the story, and this is Canada News today. Local news powered by AI. Congress is ramping up pressure on prediction market. Polymarket after anonymous traders made killer bets right before big geopolitical moves. Just this week, 50 brand new accounts dropped serious cash on a U.S. Iran ceasefire. Some as little as minutes before President Trump announced it. On social media Tuesday night, those were the only plays those accounts made. This isn't the first time. Back in January, one mystery trader pocketed $400,000 betting Venezuelan leader Nicholas Maduro would get booted hours before it. Happened. And before the Iran conflict kicked off, another scored about $550,000, wagering on a U.S. strike in Ayatollah Ali. Commonays ouster, lawmakers are fired up. Rep Richie Torres from New York fired off a letter to the commodity futures trading commission demanding a probe into possible insider trading on these timed bets.

1:01Senator Richard Blumenthal from Connecticut hid Polymarket directly questioning their war-related wagers and insider safeguards. Even Republicans like Rev Blake Moore from Utah are calling for bands, with bipartisan bills already floating in both chambers. Polymarket got banned from the U.S. in 2022, but is pushing back in by buying a regulated exchange while running an offshore crypto. Version. They're battling Kalshi, a U.S. approved rival eyeing sports betting dominance, with both cosying up to teens and news outlets. As these platforms chase nationwide approval and fat markets like sports, the scrutiny could make or break them, especially with whispers of national, security risks, and foreign spies watching those suspicious plays.