Seven House Democrats sent a letter Monday to Commodity Futures Trading Commission Chair Michael Selig, asking why the agency has not acted against offshore war bets tied to U.S. military actions in Venezuela and Iran.
The letter, led by Reps. Jim McGovern and Seth Moulton, cites “high-profile instances of alleged insider trading” on platforms like Polymarket and Kalshi, and argues the CFTC already has authority under the Commodity Exchange Act to act. They want to know why it hasn’t.
Polymarket is an offshore company, but the letter points out that the Commodity Exchange Act allows the agency to regulate when “swap activities outside the United States have a direct and significant connection with activities in, or effect on, commerce of the United States.”
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