News

Trump enters prediction market fight with swing at regulator's critics

Trump posted on Truth Social declaring it "critically important" that the CFTC maintain "exclusive authority" over prediction markets, directly calling out Democratic officials Chris Christie, Letitia James, Tim Walz, and JB Pritzker by name as "SCUM" who shouldn't be setting the rules. The clash centers on a fundamental jurisdictional dispute: Trump and the CFTC argue prediction markets should be regulated federally like commodities. At the same time, a growing coalition of state governors and attorneys general insist they're just gambling by another name and belong under state law, with Minnesota becoming the first state to outright ban them through legislation.

Indonesia blocks Polymarket over online gambling concerns after bets on president's exit

Indonesia's Ministry of Communication and Digital Affairs blocked Polymarket on May 22, 2026, classifying it as an "online gambling site disguised as a prediction market" after a contract went viral allowing users to bet on whether President Prabowo Subianto would leave office before his 2029 term ends. The ministry said it would also trace affiliated social media accounts for potential further restrictions, framing the platform broadly as one that facilitates "betting and speculation on uncertain outcomes" in violation of Indonesia's national gambling laws.

India cracks down on prediction markets: Polymarket goes dark, Kalshi could be next

Polymarket has gone dark in India and as per local media reports, Kalshi could be next.

Congress hits Polymarket and Kalshi with a massive insider trading probe

The House Oversight Committee has opened a formal investigation into both platforms after a congressman raised concerns that government employees are making large profits by trading on insider knowledge of policy and national security events. Committee chair James Comer sent letters to both CEOs requesting internal documents on identity verification and how each platform investigates potential insider trading. If Congress forces stricter identity verification or bars certain participants entirely, liquidity tightens -- and tighter liquidity means price gaps between platforms take longer to correct, creating more arb opportunities for OmniPred users.