Warren, Curtis press Kalshi, Polymarket on election wagers

Sens. Elizabeth Warren (D-Mass.) and John Curtis (R-Utah) are asking Kalshi Inc. and Polymarket how they intend to guard against insider trading tied to the midterm elections, according to Bloomberg Law.

The senators sent a letter Wednesday to Kalshi Inc. CEO Tarek Mansour and Polymarket CEO Shayne Coplan. Their inquiry puts election-related trading safeguards under bipartisan Senate scrutiny.

Questions over safeguards and enforcement

According to Bloomberg Law, Warren and Curtis raised concerns about the legitimacy of election wagers and whether the companies are sidestepping enforcement frameworks intended to protect consumers. The inquiry therefore extends beyond insider-trading prevention to the protections surrounding these markets.

The letter follows reports of concerning election-related activity on prediction markets, Bloomberg Law reported. The supplied excerpt does not describe specific incidents or include responses from either company.

A potential focus for the Banking Committee

Bloomberg Law also identified the issue as a likely subject of further examination by Warren if she becomes chair of the Senate Banking Committee. That prospect is conditional; the available reporting does not establish a committee investigation or an enforcement action.

What it means for prediction markets

• Bipartisan attention: The joint inquiry from Warren and Curtis shows that scrutiny of election wagers crosses party lines.
• Market integrity is central: The senators are seeking answers about insider-trading safeguards and consumer protections, not just the availability of election contracts.
• Outcomes remain unresolved: The provided reporting establishes that questions have been sent, but gives no company responses, findings of misconduct or resulting changes to election markets.