White House Warns Staff Against Futures Market Bets
On March 24, the White House Office of Management cautioned staff about making poorly timed bets on the futures market. This warning came in response to some well-timed trades related to oil and S&P 500 movements, as reported by The Wall Street Journal. Notably, a bet was made just 15 minutes prior to President Trump announcing on Truth Social that plans to attack Iran would be postponed.
According to reports, three Polymarket accounts saw gains exceeding $600,000 from accurately predicting the timing of a US-Iran ceasefire in April.
There is, however, no proof that White House staff or other government officials are betting on information that could be seen as politically informed, as noted by the Journal.
In a statement to the Daily Caller, White House Press Secretary Davis Engle emphasized, “President Trump wants a strong and profitable stock market for everyone, but he has made it clear that members of Congress and other government officials should be prohibited from using nonpublic information for economic gain. The only special interest guiding President Trump is the best interest of the American people.”
The authenticity of the email was confirmed by White House officials.
New York Democratic Representative Richie Torres recently urged the Commodity Futures Trading Commission (CFTC) to investigate what he describes as suspicious transactions among its members. He highlighted concerns in a letter sent Thursday, pointing out that the creation of new wallets associated with the accurate timing of certain trades raises significant concerns.
A bet placed on April 7 predicting a ceasefire with Iran was linked to a newly created account, according to the Associated Press.
Meanwhile, Republican Congressman Blake Moore from Utah announced that a bill aimed at regulating prediction markets would take effect in March. He expressed skepticism about the legitimacy of these transactions, suggesting that they likely stem from insiders with pre-public access to information. He warned that without restrictions, individuals in government or military roles could profit unfairly from their positions.
