US Senate says prediction market insider trading rules are insufficient

A bipartisan group in the U.S. Senate has stated that measures by prediction market platforms to ban insider trading are insufficient, and they intend to push forward with a bill to completely ban sports-related betting, CNBC reported. The statement comes after platforms like Polymarket and Kalshi announced they would introduce their own policies to block insider trading following discussions about the proposed ban. The bill's sponsors, Rep. Adam Schiff (D-CA) and Rep. John Curtis (R-UT), argued that more substantial measures are needed. The two lawmakers highlighted the need for the legislation by pointing to instances of betting on injuries to high school athletes and suspected insider trading related to the recent conflict in Iran on these platforms.