"House Oversight Chairman James Comer (R-KY) promised potential subpoenas will be dropping in an investigation into suspicious market trades around the Iran war. On Wednesday's Mornings with Maria, Fox Business host Maria Bartiromo pressed Comer about the state of his investigation following seven Democratic lawmakers signing their names to a letter demanding subpoenas. This is a problem, Comer admitted, adding later that prediction markets have put lawmakers in uncharted territory where they may need to draft a new law to address the issue."
"Reps. Maggie Goodlander (D-NH), Sarah Jacobs (D-CA), Seth Magaziner (D-RI), Seth Moulton (D-MA), Chris Pappas (D-NH), Dina Titus (D-NE), and Rashida Tlaib (D-MI) all signed their names to the letter where they said they are deeply concerned that individuals with access to sensitive government information have used that access for personal financial gain. Congress has both the authority and the responsibility to determine whether existing ethics, classification, and financial disclosure laws have been violated, and whether legislative action is necessary to prevent recurrence."
"We cannot fulfill that responsibility without knowing who placed these trades, the Democrats wrote. Prediction market bets can be made through companies like Kalshi and Polymarket. The letter noted multiple instances, including an individual who made nearly $1 million with a 93 percent success rate on wagers predicting unannounced U.S. and Israeli military operations against Iran, placing bets hours before strikes in October 2024, June 2025, and February 2026, which was highlighted in a recent CNN report."
"I don't know what the law is, but if we need to make a law and change a law with respect to that, we will certainly do it. But at the end of the day, it's very unethical and it doesn't need to happen, Comer said on Wednesday. How does that happen? I mean, so I'd like you to get more information on it. Where are you in that investigation? Bartiromo asked."
House Oversight Chairman James Comer said subpoenas may be issued in an investigation into suspicious market trades connected to the Iran war. He acknowledged Democrats had pressed for action after seven lawmakers requested subpoenas, citing concerns that people with access to sensitive government information used it for personal financial gain. The lawmakers argued Congress must determine whether existing ethics, classification, and financial disclosure laws were violated and whether legislative changes are needed to prevent recurrence. They said Congress cannot meet that responsibility without identifying who made the trades. The letter cited examples including a person who reportedly earned nearly $1 million with a high success rate on bets predicting unannounced U.S. and Israeli military operations, with wagers placed hours before strikes in multiple months and years. Comer said the situation may require drafting or changing laws and called the conduct unethical.
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