White House Issues Warning After Suspicious Bets
AP Photo/Rod Lamkey, Jr
White House employees have been reminded in firm terms that they must not use privileged government information for personal financial gain.
According to reporting from the Wall Street Journal, the White House Management Office sent an email to staff on March 24 addressing concerns about trading activity linked to sensitive developments. The message came one day after President Donald Trump paused a previously stated threat to “obliterate” Iran’s power plants, and roughly 15 minutes after a notable surge in oil futures trading activity.
The Journal reported that about $760 million in oil futures contracts were traded within a two-minute window ahead of Trump’s public announcement. Around the same period, several accounts on the prediction market platform Polymarket reportedly earned more than $600,000 by accurately betting on the timing of a potential Iran ceasefire that week, raising questions about whether anyone had advance knowledge.
The White House confirmed the email was sent but rejected any suggestion of misconduct. White House spokesman Davis Ingle told the BBC that claims suggesting administration officials were involved in improper trading “without evidence” were “baseless and irresponsible reporting.” He also said President Trump has been “crystal clear” that members of Congress and federal officials should be barred from using nonpublic information for financial advantage.
Federal rules already prohibit government employees from profiting off insider information. One official who saw the email described it as a useful reminder, noting that concerns about unusual betting activity have been widely discussed recently.
So far, there is no confirmed evidence of leaks or illegal trading tied to the events. However, the situation has renewed attention on prediction markets and their anonymity, with critics arguing they can create opportunities to exploit sensitive information.
Some Democratic lawmakers are now calling for tighter restrictions. Senators Richard Blumenthal and Andy Kim have proposed banning prediction markets linked to armed conflict, arguing that they risk turning war-related developments into gambling opportunities and could incentivize the trading of national security secrets.
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