White House warns staff against prediction market betting using nonpublic information

The message was sent on March 24, two White House officials said, as reported by CBS News on Friday.

A day earlier, US President Donald Trump announced a pause in strikes against Iran on his social media platform Truth Social. However, Bloomberg News and the Financial Times reported that oil futures trading spiked sharply just minutes before the post, raising concerns about possible insider trading.

According to the report, the White House Management Office email said: "Recent press reports have raised concerns about government officials using nonpublic government information to place wagers on online prediction markets, such as Kalshi or Polymarket."

The email said it is a "criminal offense for anyone to use nonpublic information to buy or sell these contracts," and noted that "government ethics regulations prohibit the use of nonpublic government information for the private benefit of an employee or any other third party."

"All White House employees are reminded that the misuse of nonpublic information by government employees for financial benefit is a very serious offense and will not be tolerated," the email added.

In a statement to CBS News, White House spokesman David Ingle said President Donald Trump has been “crystal clear” that officials should not use nonpublic information for financial gain, stressing that “the only special interest” guiding him is the American people.

He added that “all federal employees are subject to government ethics guidelines,” and said claims that administration officials are involved in such activity without evidence are “baseless and irresponsible reporting.”