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Kalshi and Polymarket Announce Insider Trading Ban on the Same Day
Deep Tide TechFlow News, March 24 — According to Cointelegraph, prediction market platforms Kalshi and Polymarket announced user restrictions related to insider trading on the same day. Meanwhile, bipartisan lawmakers in the U.S. introduced legislation to ban event contracts related to sports competitions.
Kalshi announced it would prohibit political candidates from trading on their own campaigns, as well as prohibit athletes, event staff, referees, and others involved in college and professional sports from trading. Polymarket issued a broader ban, covering trading based on stolen confidential information, illegal insider tips, and individuals who could influence market outcomes.
Legislatively, Democratic Senator Adam Schiff and Republican Senator John Curtis jointly proposed the “Prediction Market as Gambling Act,” which aims to prohibit entities registered with the U.S. Commodity Futures Trading Commission (CFTC) from offering event contracts similar to sports betting or casino games.