Washington, May 12 -- Congressman Sean Casten issued the following press release:
U.S. Representatives Sean Casten (IL-06) and Ted Lieu (CA-36) led 54 House Democrats in an effort to urge the Department of Justice (DOJ) to pursue suspected insider trading on prediction market platforms more aggressively.
"Trading on confidential, non-public information is illegal in traditional financial markets when it involves fraud, deception, or breach of duty. Failure to enforce these laws in the context of prediction markets risks creating a regulatory gap that rewards bad actors, incentivizes misconduct, and undermines confidence in the integrity of U.S. markets," the lawmakers wrote. "...We therefore urge the DOJ to continue to take decisive actio...