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Prediction markets are getting a bad rap amid concerns about insider trading. Now, some of them are fighting back.The Coalition for Prediction Markets, which includes companies like Kalshi, Coinbase, and Robinhood, took out a full-page ad in the Washington Post on Wednesday.
The ad highlights the companies' support for a ban on insider trading on prediction market platforms and calls on Congress to work with them to "keep prediction markets safe and transparent.""CFTC regulated prediction markets ban insider trading," the ad reads.A spokesperson for the coalition told Business Insider the ad is the "opening salvo" in a coming PR blitz pushing for the codification of federal regulation for prediction markets — a key goal for the companies, as regulators in some states seek to clamp down on the burgeoning industry."The coalition plans to spend seven figures in the coming months in coordination with its government relations outreach," the spokesperson said.The PR campaign comes after a trader on Polymarket made more than $400,000 off of a well-timed bet on former Venezuelan President Nicolas Maduro's political future just hours before his capture by US forces.That's led to greater scrutiny of prediction markets broadly, along with a new proposed bill to formally ban insider trading by government officials who might have access to sensitive information.In the wake of that trade, Kalshi has sought to distinguish itself from Polymarket, which was banned from serving US users from 2022 to 2025 and only recently gained approval from the Commodity Futures Trading Commission.Polymarket is not a member of the Coalition for Prediction Markets, and the group's spokesperson said that the ad is meant to draw "a clear contrast with offshore platforms where concerning scandals such as the Maduro trade have occurred." A Polymarket spokesperson did not immediately respond to a request for comment.The company, which has signed partnerships with the Wall Street Journal and the Golden Globes, hasn't made any public statements about the Maduro trade controversy. Polymarket CEO Shayne Coplan has previously suggested that insider trading can help disseminate information more broadly.
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