US Lawmaker Demands SEC Probe Into Suspicious Iran War Trades

Representative Sam Liccardo (D-Calif.) has formally urged the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to investigate a series of highly timed trades linked to the Iran conflict. In a letter addressed to SEC Chair Paul Atkins and CFTC Chair Michael Selig, Liccardo expressed alarm over trades in crude oil and S&P 500 E-mini futures that appeared to anticipate presidential updates on U.S. military actions. The lawmaker cited a Reuters report from April 8 regarding a lucrative oil bet placed hours before a U.S.-Iran ceasefire. Additionally, he highlighted a volume spike in S&P 500 e-Mini futures on March 23, occurring roughly 15 minutes before President Trump announced via Truth Social that attacks on civilian infrastructure would be postponed, causing oil futures to tumble and the broader market to rally. Beyond traditional futures, Liccardo criticized the use of prediction markets, suggesting a pattern of insider corruption where bets on equities and options preceded tariff announcements. He dismissed a recent White House memo reminding officials of the illegality of insider trading as insufficient, stating that federal employees should not need reminders regarding the exploitation of confidential information. While the CFTC is reportedly already leading an effort to examine these trades, Liccardo is pushing for a broader SEC investigation to determine how confidential government information is being exploited for personal financial gain and what tools are available to crack down on such activity.