Banning Prediction Market Staff Participation and Restoring Trust in Government
Dear Friends, I wanted to let you know about a new office policy I am implementing on my team, and why it matters as we work towards restoring trust in government. CNN reported this week that one trader made nearly $1 million since 2024 from dozens of bets placed via Polymarket that correctly predicted U.S. and Israeli military actions against Iran. That individual won 93% of their five-figure bets about Iran, even though the events in question were unannounced publicly at the time. This raises serious concerns. Prediction markets must not allow insider trading or host contracts that violate U.S. law. Profiting from war because of information gained from government service is unacceptable. It corrodes trust, undermines our democracy, and weakens our institutions. That’s why, yesterday, I became the first Member of Congress to implement an office-wide policy prohibiting staff from participating in predict...