"The Coalition for Prediction Markets, which includes companies like Kalshi, Coinbase, and Robinhood, took out a full-page ad in the Washington Post on Wednesday. The ad highlights the companies' support for a ban on insider trading on prediction market platforms and calls on Congress to work with them to "keep prediction markets safe and transparent." "CFTC regulated prediction markets (already) ban insider trading," the ad reads."
"The PR campaign comes after a trader on Polymarket made more than $400,000 off of a well-timed bet on former Venezuelan President Nicolas Maduro's political future just hours before his capture by US forces. That's led to greater scrutiny of prediction markets broadly, along with a new proposed bill to formally ban insider trading by government officials who might have access to sensitive information."
The Coalition for Prediction Markets, which includes Kalshi, Coinbase, and Robinhood, placed a full-page Washington Post ad endorsing a ban on insider trading on prediction market platforms and urging Congress to keep prediction markets safe and transparent. The coalition noted that CFTC-regulated prediction markets already ban insider trading and announced plans for a seven-figure PR blitz coordinated with government relations outreach to push for codified federal regulation. The campaign follows a Polymarket trader's roughly $400,000 bet on Nicolas Maduro shortly before his capture, which spurred scrutiny and prompted a proposed bill targeting insider trading by officials. Kalshi has sought to distinguish itself from Polymarket, which is not a coalition member.
Read at Business Insider
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