House lawmakers launch insider trading probe into Kalshi and Polymarket

MoneyWatch House lawmakers launch insider trading probe into Kalshi and Polymarket .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham May 22, 2026 / 2:21 PM EDT / CBS News Add CBS News on Google The House Oversight Committee said on Friday that it is opening an investigation into Kalshi and Polymaket over alleged incidents of insider trading by users of the prediction markets. Rep. James Comer of Kentucky, the panel's chairman, sent letters to Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan requesting internal documents to determine what the companies are doing to deter insider trading.Specifically, Comer asked Kalshi and Polymarket to provide information on how they investigate potential insider trading and on the identity verification processes for domestic and international account holders.Polymarket and Kalshi allow users to speculate on the outcome of future events, such as elections, sports and geopolitical developments. While their popularity has skyrocketed, they've also drawn scrutiny from lawmakers after a series of suspiciously timed bets sparked concerns about insider trading.In his letter on Friday, Comer requested information from Mansour and Coplan on trading activity on their platforms tied to the Iran war and to the Trump administration's capture of former Venezuelan leader Nicolás Maduro.  According to a recent "60 Minutes" report, an investigation by data analytics firm Bubblemaps found that 9 Polymarket accounts made a total of $2.4 million by correctly guessing the dates of pivotal moments in the conflict.In April, federal prosecutors charged a U.S. special forces soldier for allegedly using confidenti...