"Rep. Alexandria Ocasio-Cortez criticized the new guardrails implemented by prediction markets, stating, 'This is absolutely not enough. Just on the policy piece alone, there are SO many individuals—staff, advisors, consultants, cabinet secretaries, spouses, and more—that can trade on insider information.'"
"Kalshi's Head of Enforcement, Bobby DeNault, announced, 'We're launching new technological guardrails that preemptively block politicians, athletes, and other relevant people from trading in certain politics and sports markets.'"
"Polymarket has announced a broader ban on trading on stolen confidential information, trading on illegal tips, and trading by those who can influence the outcome, aiming to address concerns about insider trading."
"The Prediction Markets Are Gambling Act, introduced by Senators John Curtis and Adam Schiff, seeks to ban prediction markets from creating sports and casino-style event contracts, which could significantly impact their business."
Prediction markets are under scrutiny as Congress introduces the Prediction Markets Are Gambling Act, which could severely limit their operations. In response, Kalshi and Polymarket announced new measures to prevent insider trading. Kalshi's new guardrails aim to block relevant individuals from trading in specific markets, while Polymarket has banned trading on confidential information and illegal tips. Rep. Alexandria Ocasio-Cortez criticized these measures as inadequate, highlighting the potential for many individuals to exploit insider information. The ongoing debate reflects broader concerns about the integrity of prediction markets.
Read at www.mediaite.com
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