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White House staff told not to place bets on prediction markets

147 points by chrischapman

by jeffwask

3 subcomments

Please don't do insider trading. Thank you for your attention to this matter.

by keviniam

17 subcomments

I don't understand why anybody without access to serious inside information is currently betting on prediction markets. It's clear that insiders are absolutely going to eat your lunch. So who are the suckers who are losing all this money?
I guess this isn't true for all things you might bet on, but it seems to be true for a lot of them.

by 113

0 subcomment

Whew! Glad that's sorted.

by twelvedogs

0 subcomment

Only the top guys are allowed to do insider trading! You guys are making it very very slightly more obvious!!

by ahartmetz

0 subcomment

Does that include friends and cousins? Asking for a friend or cousin.

by bcjdjsndon

0 subcomment

When you elect a bunch of TV wannabes to run your country this is what happens.

by josefresco

1 subcomments

Investor highlights for each platform:
Kalshi: Sequoia Capital, Paradigm, Andreessen Horowitz (a16z), Y Combinator, Charles Schwab, Henry Kravis (KKR), and CapitalG (Alphabet).
Polymarket: Intercontinental Exchange (ICE - parent of the NYSE), Founders Fund (Peter Thiel), Vitalik Buterin, and 1789 Capital (Donald Trump Jr.).
PredictIt: Primarily supported by Aristotle International (a political tech firm) and historically Victoria University of Wellington.
Donald Trump Jr.: Prominent investor in Polymarket through his firm, 1789 Capital, and serves as a paid strategic advisor to Kalshi.
The current CFTC Chairman, Michael Selig, created a 35-member panel to draft new regulations for prediction markets. This panel includes the CEOs of the platforms they regulate, such as Shayne Coplan (Polymarket) and Tarek Mansour (Kalshi).

0 subcomment

by exabrial

4 subcomments

While we’re at it, how about all Congress?

by steveBK123

0 subcomment

And how about friends & family without official roles, congressional appointment process approvals, etc who just.. happen to be around a lot and involved in a lot of stuff?

by p-o

0 subcomment

I'm sure it's a preventive measure and no one placed bets to enrich themselves in the last 12 months...

by mechoblast

3 subcomments

Surely half millions on prediction markets is pennies compared to what is getting made on oil futures/stocks.

by qsera

1 subcomments

I think the proper thing to do would be to forbid these markets to make bets on stuff that can be won by using only insider information.

by qsort

0 subcomment

insane they needed to be told

by feverzsj

3 subcomments

Isn't that in the law?

by ramon156

1 subcomments

Naughty! Anyway

by polyterative

0 subcomment

Only they can make the money.

by MikeNotThePope

0 subcomment

“Do as I say, not as I do.”

by asHqt14

0 subcomment

It is understandable that they require coaching on this issue when betting markets are being deregulated and Trump Jr. is invested in Polymarket.

by mcs5280

0 subcomment

*unless they give the big guy a 50% cut

by josefritzishere

1 subcomments

It is trully pathetic that this needs to be said.

by DesiLurker

0 subcomment

its free for all at the moment. its not like any of these rule were ever enforced before, lots of our govt worked on honor system & DJT exploited the heck out of it all.

by Havoc

1 subcomments

It’s laughable that it’s even necessary to tell them.
Hey don’t abuse privileged workplace information for personal gain isn’t exactly a fresh notion.
Imagine if professionals like lawyers and accountants operated like that.

by throwaway613746

0 subcomment

[dead]

by MyHonestOpinon

2 subcomments

Aside from the current horrible admnistracion. If I understand correctly, One of the strengths of prediction markets is to try to get the insiders to come in and provide insider information thus improving the total info available.