Newsom took a swipe at Trump: "At a time when Trump's Washington is riddled with ethical failures and insider profiteering, California is drawing a bright line." Classic Newsom positioning for 2028.
Multiple bipartisan bills now target these markets — proposals to ban Congress and POTUS from political betting, hand regulation to states instead of feds, and block bets on terrorism and war. Trump family ties (Don Jr. advises both platforms) aren't helping optics.
Kalshi's already taking action: banned a MrBeast employee who bet on the YouTuber's content, and Kyle Langford, a GOP candidate who bet on himself. They're also being sued for refusing to pay out $54M in bets on Iran's Supreme Leader's death.
Both platforms scrambled to add anti-insider trading guidelines this week after congressional heat. But enforcement? Polymarket is offshore and "blocks" US users — except countless guides show how to bypass it with a VPN.
The executive order extends existing ethics rules. Anonymous traders recently made millions on these platforms with eerily accurate bets on US-Israeli strikes on Iran and Maduro's ouster — raising serious insider trading red flags.
Newsom just banned California officials from betting on Polymarket and Kalshi with insider info — and trolled the platforms on Twitter first, asking what the odds were he'd do it within 24 hours. Kalshi clapped back: "100%, because we already ban insiders."
6/6 🧵
Newsom took a swipe at Trump: "At a time when Trump's Washington is riddled with ethical failures and insider profiteering, California is drawing a bright line." Classic Newsom positioning for 2028.
📎 Source
📎 Source
#threadstorm
5/6 🧵
Multiple bipartisan bills now target these markets — proposals to ban Congress and POTUS from political betting, hand regulation to states instead of feds, and block bets on terrorism and war. Trump family ties (Don Jr. advises both platforms) aren't helping optics.
4/6 🧵
Kalshi's already taking action: banned a MrBeast employee who bet on the YouTuber's content, and Kyle Langford, a GOP candidate who bet on himself. They're also being sued for refusing to pay out $54M in bets on Iran's Supreme Leader's death.
3/6 🧵
Both platforms scrambled to add anti-insider trading guidelines this week after congressional heat. But enforcement? Polymarket is offshore and "blocks" US users — except countless guides show how to bypass it with a VPN.
2/6 🧵
The executive order extends existing ethics rules. Anonymous traders recently made millions on these platforms with eerily accurate bets on US-Israeli strikes on Iran and Maduro's ouster — raising serious insider trading red flags.
1/6 🧵
Newsom just banned California officials from betting on Polymarket and Kalshi with insider info — and trolled the platforms on Twitter first, asking what the odds were he'd do it within 24 hours. Kalshi clapped back: "100%, because we already ban insiders."