Senator Chris Murphy, Rep. Greg Casar target insider trading on prediction markets
Murphy is backing legislation to prohibit insider betting on prediction markets.

SOURCE CHECK
TAP FOR WHYCoinDesk is an established specialist publication with named authors and a focus on digital-asset policy. Its niche expertise supports credibility, though it is not a general-interest outlet of record and the article provides limited independent sourcing.
- Source type — A recognized trade publication focused on cryptocurrency and digital-asset policy.
- Author attribution — Two named reporters are credited.
- Transparency — The article identifies the bill text, a one-pager, the regulator and named officials, but gives limited detail on its reporting process.
- Editorial standards — The article is presented as reported news, but the text alone provides limited evidence about corrections practices.
The article identifies the proposal’s provisions and draws on its text and accompanying materials, while also providing regulatory and market context. It offers little direct response from opponents or outside experts, so the range of perspectives is limited.
HOW WE SCORE ↗The article gives specifics about the bill, its broader reach and the regulatory context, but does not include a direct counterargument from opponents or a detailed critique of the proposal.
- Counterarguments presented — No direct response from lawmakers who oppose the bill is included.
- Source diversity — The article references bill materials, the CFTC chair’s view and platform enforcement, but offers limited independent commentary.
- Omitted context — The potential scope of the definition is described, but the article does not develop arguments for or against that breadth.
- Loaded language — Some terms, including “corrupt wagers,” are attributed to the bill’s framing rather than used as a sustained editorial judgment.
The article describes a Democratic-backed proposal and Republican control of Congress in matter-of-fact language. It does not clearly endorse or oppose the legislation.
- Language tone — Mostly descriptive language, with no sustained partisan or emotive framing.
- Source selection — Uses the bill’s text and describes a regulator’s favorable view of prediction markets, but includes no direct opposing lawmaker.
- Framing — Frames the proposal around suspected insider betting while also noting the bill’s wide scope and political prospects.
Sen. Chris Murphy and Rep. Greg Casar are introducing the BETS OFF Act to bar people with advance knowledge from betting on specified events, including government actions and wars. The proposal follows reports of suspicious wagers before U.S. operations in Iran and Venezuela.
Sen. Chris Murphy and Rep. Greg Casar are backing the BETS OFF Act, which would prohibit bets on events whose outcomes are known in advance or under a person’s control. The bill covers government actions, terrorism, war, assassination and other events; its materials also describe examples such as surprise Super Bowl halftime performers and award winners. The article says the legislation is being introduced Tuesday in response to reports of significant bets before U.S. operations in Venezuela and Iran.
The article notes that prediction-market manipulation is within the Commodity Futures Trading Commission’s remit and describes recent disciplinary actions by Kalshi against two users. It also mentions earlier or related proposals from Reps. Ritchie Torres and Sens. Adam Schiff and Richard Blumenthal. The article says the new bill is unlikely to be a congressional priority while Republicans control both chambers, though a shift in control could improve its prospects for a hearing.
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SWIPE →President whose administration Murphy has criticized
Senator who introduced a related bill
Representative who introduced an earlier, similar bill
Senator who introduced a bill targeting insider trading and market manipulation
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