Rep. Seth Moulton (D-Mass.) announced an immediate ban on his congressional staff participating in online prediction markets, citing ethical concerns and risks to public trust.
Prediction Markets Ban For Congressional Staff
On Wednesday, Moulton’s press office posted on X, “Effective today, Congressman Moulton is instituting an office-wide policy prohibiting his congressional staff from participating in prediction market platforms, such as Polymarket and Kalshi.”
In a statement, the Massachusetts Democrat said, “Prediction markets have become a playground for corrupt insiders who are able to place bets on things like election outcomes, wars, and even the deaths of public figures.”
He added, “This is creating a perverse incentive structure that poses a genuine threat to American society today.”
Moulton emphasized that congressional staffers exist to serve constituents, not profit from events they may influence.
He said, “My office has not, and will not, engage in these trades that run counter to every principle of a clean, honest government that works for the people.
“I will always hold myself and my team to the highest ethical standards, and I call on every single American elected official to do the same,” he added.
Moulton’s announcement comes after Sens. Adam Schiff (D-Calif.) and John Curtis (R-Utah) introduced legislation that would bar prediction market platforms from offering sports betting or casino-style games.
The Prediction Markets Are Gambling Act would prevent entities regulated by the Commodity Futures Trading Commission from accepting wagers on these types of events.
Insider Bets Net $1 Million On Iran Strikes
A network of seven Polymarket wallets earned nearly $1 million by betting on U.S. and Israeli strikes against Iran, winning 93% of large wagers over two years, according to a Bubblemaps blockchain investigation.
The accounts placed bets hours before major attacks in October 2024, June 2025, and February 2026, with the suspected insider reportedly still active, making over $100,000 from the February strike alone.
Bubblemaps traced the network to an IDF reservist previously indicted for using classified intelligence.
The wallets often dominated leaderboards and collectively posted an 83% win rate, far exceeding typical traders’ roughly 50% success rate.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Recent Comments