House Democrats call on federal regulator to crack down on offshore prediction market war bets

Prediction markets like Kalshi and Polymarket have exploded in popularity recently, raising questions about how to properly regulate the platforms..

• A group ofHouse Democratspressed theCommodity Futures Trading Commissionin a letter sent late Monday on why the agency has not cracked down on bets placed on war and other government actions via offshore prediction markets
• The letter to CFTC ChairMichael Selig, obtained first by CNBC, questions the agency's role in regulating prediction markets, which have surged in popularity of late and drawn the ire of agrowing number of lawmakers
• "Recent high-profile instances of alleged insider trading on prediction market platforms relating to U