Sen. Elizabeth Warren plans to crack down on prediction markets once she takes the Senate Banking Committee gavel in January. A banking aide told Punchbowl News that Warren would seek to stop the sector’s 'Wild West-style lack of oversight.' Warren intends to use the committee’s investigative powers for oversight of prediction markets and election betting platforms, aimed at insider trading and platform manipulation.
Key Details
Warren and Sen. John Curtis wrote to Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan asking how the companies stop candidates, campaign staff and others with material nonpublic information from trading election contracts. The letter cited candidates who traded on their own contests on Kalshi, including a February 2026 California gubernatorial race, and pointed to research alleging wash trading and volume manipulation on Polymarket.