On Monday, Senators John Curtis (R-UT) and Adam Schiff (D-CA) introduced legislation dubbed the “Prediction Markets Are Gambling Act.” If passed, it would ban prediction markets from creating “sports and casino-style event contracts”—a massive hit on prediction markets’ future business, given that a large chunk of their growth has come from sports. “We’re launching new technological guardrails that preemptively block politicians, athletes, and other relevant people from trading in certain politics and sports markets,” Bobby DeNault, Head of Enforcement and Legal Counsel at Kalshi, wrote in a blog post published to the company’s site. Bets on the US-Iran ceasefire appeared to suggest insider trading, according to an article by The Guardian, which reported that eight Polymarket accounts, created while President Donald Trump was still making comments doubling down on the war with Iran, bet approximately $70,000 in total on a ceasefire being reached by March 31.
Author: Zoe Engels
Published at: 2026-03-23 23:05:58
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