White House Reportedly Warns Staff Against Insider Trading As Lawmakers Raise Concerns
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The White House warned staff against insider trading after lawmakers raised concerns about profitable trades before Trump's announcements.
AI Summary
The White House Management Office reportedly sent a staff-wide email warning against placing trades and bets using confidential information. This warning came after Democratic lawmakers raised concerns about profitable trades and bets made shortly before President Donald Trump announced decisions related to the U.S. and Israeli war on Iran, including a flurry of trading in futures markets on March 23. Specifically, contracts covering at least six million barrels of Brent and West Texas Intermediate crude were sold within two minutes on March 23, preceding Trump's post pausing military strikes. Sen. Richard Blumenthal (D, Conn.) has since sent a letter to Polymarket asking the company to explain its failure to regulate trades related to U.S. national security matters, citing substantial bets placed on April 7 before a Trump announcement. Lawmakers have also introduced legislation to regulate prediction markets and ban government officials from trading on them.
What's Being Done
Sen. Richard Blumenthal sent a letter to Polymarket, and lawmakers have introduced legislation to regulate prediction markets and ban government officials from trading.
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White House Warned Staff Not to Engage in Insider Trading Amid War With Iran - The New York Times
White House staff received email warning not to place bets on prediction markets
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