Congress Investigates Insider Trading on Prediction Markets

0:00It's April 9th. Welcome to Entertainment and Celebrity News today, powered by AI. I'm Cory with the story. Congress is ramping up pressure on prediction market, polymarket, after anonymous traders made big bets on a U.S. Iran ceasefire just hours before. President Trump announced it on social media. At least 50 new accounts popped up and placed those bets right before the news dropped late Tuesday with no other activity on them. This isn't the first time. Back in January, one trader pocketed $400,000 betting Venezuelan leader Nicholas Maduro would lose power hours before it happened. And before the Iran conflict kicked off, another made about $550,000, waged during on a U.S. strike and the removal of Ayatollah. Ali Kaminay, lawmakers from both parties are sounding alarms. Democrat Richie Torres from New York, wrote to the commodity futures trading commission demanding a probe into possible insider trading on these. Market moving events.

1:00Connecticut Senator Richard Blumenthal hit polymarket directly, questioning their bets on wars and violence, calling it a potential hub for selling national security secrets. Republicans like Utah's Blake Moore won bands on these platforms too, with bipartisan bills already in the house and senate to crack down. Polymarket got banned from the U.S. in 2022, but is pushing back in through a licensed exchange while running an offshore crypto version. Meanwhile, Polymarket and rival Kalshi are battling for U.S. dominance, eyeing sports betting gold mines and even partnering with teams and news. Outlets. With Trump Jr. investing in Polymarket and advising Kalshi, the politics add another layer as regulators decide their fate.