Prediction Markets Are the New Frontier of Insider Trading Enforcement, and Congress May Be Next In Line

The reach of insider trading law is not fixed by anything Congress wrote. It expands as prosecutors and courts apply fraud statutes to new instruments, new markets, and new sources of duty. So where does that leave the soldier or a senator who bets on a forthcoming raid they are privy to knowledge of?

12 minute read May 31, 2026 at 11:11 PM
By
Sidhardha Kamaraju , David Abramowicz and Daniel Pohlman
Prediction Markets Are the New Frontier of Insider Trading Enforcement, and Congress May Be Next In Line

Imagine you are a soldier with operational knowledge of a forthcoming raid to capture a foreign head of state. The raid is going to happen. The general public does not know.

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