Congress is escalating its focus on prediction markets, with Rep.
James Comer, R-Ky., chair of the House Oversight and Government Reform Committee, announcing a probe into potential insider trading on platforms like Kalshi and Polymarket.
The inquiry, revealed on CNBC's 'Squawk Box,' involves seeking information from the CEOs of these platforms regarding their measures to prevent misuse.
This development follows the U.S. Senate's unanimous passage of a rule banning senators from trading on prediction markets, a move aimed at curbing conflicts of interest and ethical concerns.
The House Ethics Committee has also been active, launching an investigation into allegations of misconduct against Rep.
Chuck Edwards (R-NC), highlighting broader scrutiny of political figures' conduct.