Polymarket · Federal Reserve (FED) · Meta · NPR Technology
Campaign staffers keep trying to bet on races despite push to curb insider trading
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A banner for the prediction market platform Kalshi hangs from a building on April 1.
Key facts
- FEC reports leave a lot of campaign staffers unnamed, such as volunteers, lawyers, pollsters and subcontractors, said Sean Cooksey, who was appointed to the FEC by President Trump in 2020 and chaired
- Goodman, a former FEC commissioner who served from 2013 to 2018 under Trump and President Barack Obama, agreed
- A banner for the prediction market platform Kalshi hangs from a building on April 1
- At least 21 prediction market bills have been introduced in Congress this year
Summary
Campaign staffers looking to profit on political races are still trying to place bets on prediction markets, despite new public scrutiny toward insider trading, and internal efforts to curb the practice. Kalshi, the biggest prediction market company, is hoping to bar political staffers from trading on their own races with a new system that flags possible violations. The company's new program cross-references the names of campaign staffers listed in Federal Election Commission data against its own user logs. Robert DeNault, Kalshi's head of enforcement and legal counsel, said his team has blocked a lot of campaign trades using FEC data.