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Lawmakers are pushing new regulation for prediction markets after suspiciously timed Polymarket bets on US and Israeli strikes on Iran raised insider-trading concerns.Prediction market platforms Kalshi and Polymarket are reportedly exploring new fundraising rounds that could value the companies at around $20 billion each, roughly double their most recent valuations.
Both platforms have held preliminary discussions with potential investors about raising fresh capital at the elevated valuation, the Wall Street Journalon Friday, citing people familiar with the matter. The report noted that the negotiations remain at an early stage and may not result in deals or secure the targeted valuation. Kalshi currently operates in the United States and offers markets allowing users to wager on outcomes tied to sports, politics, the economy and cultural events. The company was lastFounded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi received approval from the US Commodity Futures Trading Commission in 2020 to operate as a regulated exchange for event-based markets. The platform has since expanded rapidly and recently surpassed a $1 billion revenue run rate, with some estimates placing the figure closer to $1.5 billion.Polymarket, launched in 2020 by Shayne Coplan, remains inaccessible to US users without a virtual private network but plans to introduce a regulated domestic version of its platform later this year. The company was valued at roughly $9 billion in October after Intercontinental Exchange, the owner of the New York Stock Exchange,Senator Chris Murphy alleged that individuals close to the White House may have used advance knowledge of the attack to place bets, noting that several Polymarket accountsPolymarket has faced multiple insider trading allegations after several traders placed unusually well-timed bets on major events. A small group of crypto wallets recentlybetting on a market tied to an onchain investigation into DeFi platform Axiom shortly before blockchain investigator ZachXBT published claims about insider trading linked to the project.after placing a large wager on the capture of Venezuelan President Nicolás Maduro shortly before the news became public, further raising questions about whether some traders had advance information.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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