Senators Warren and Curtis probe Kalshi and Polymarket on election contract trading
Senators Elizabeth Warren and John Curtis launched a bipartisan probe of Kalshi and Polymarket on October 29, 2026, demanding answers on election-related event contracts by Election Day. The senators described themselves as 'particularly troubled' by the products. The inquiry targets both CFTC-regulated platforms over concerns about insider trading and market manipulation on midterm election contracts. No specific regulatory action or legislative proposal was detailed.
Congressional scrutiny moves from generalized concern to named-platform demands with a hard deadline. Kalshi and Polymarket must now produce internal data on election contract trading under a bipartisan spotlight that neither party's leadership is likely to shield. The Election Day deadline forces rapid document production while midterm markets are still open.
Every referral Polymarket previously made to the CFTC and every state suit Kalshi faces will land in senators' inboxes as evidence. If the platforms' answers reveal gaps the CFTC missed, Warren and Curtis can draft surveillance legislation faster than rulemaking moves. Competitors should expect the same letter format applied to them in the next Congress.
The probe joins Polymarket's own referrals of midterm insider-trading cases to the CFTC and Utah's felony criminal charges against Kalshi's co-founders, tightening a scrutiny vise that now spans congressional committees, state attorneys general, and federal regulators.