U.S. House Oversight chair asks Kalshi, Polymarket for insider trading prevention data

U.S. House Committee on Oversight and Reform Chairman James Comer has requested information from the CEOs of prediction market platforms Kalshi and Polymarket on their systems for preventing insider trading, CNBC reported. The move comes amid a series of insider trading controversies that have accompanied the rapid growth of prediction markets. In a letter to the CEOs, Comer demanded they submit documents related to identity verification procedures, enforcement of geographic restrictions, and the detection of unusual trading by June 5. The request follows a call from seven Democratic lawmakers for the committee to subpoena the two platforms. Several bills aimed at regulating prediction markets have also been introduced in Congress.