White House staff received email warning them not to place bets on prediction markets, officials say

White House aides got an email last month telling them not to place bets on prediction markets with nonpublic information, multiple administration officials told CBS News. 

It was sent March 24, according to two White House officials.

The email from the White House Management Office, which was obtained by CBS News, states: “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.”

It said it’s a “criminal offense for anyone to use nonpublic information to buy or sell these contracts,” and 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. 

It referred staff to the White House Counsel’s Office if they had questions.

The Wall Street Journal first reported on the existence of the email.

In a statement to CBS News, White House spokesman David Ingle said, “President Trump has been crystal clear: while he seeks a strong and profitable stock market for everyone, members of Congress and other government officials should be prohibited from using nonpublic information for financial benefit. The only special interest that will ever guide President Trump is the best interest of the American people.”  

“All federal employees are subject to government ethics guidelines that prohibit the use of nonpublic information for financial benefit,” he said. “However, any implication that Administration officials are engaged in such activity without evidence is baseless and irresponsible reporting.”

On March 23, President Trump posted on Truth Social announcing he was postponing strikes on Iran’s power plants amid talks with Iran. However, just minutes before the post, there was a spike in oil futures trading, according to Bloomberg News and the Financial Times, leading to concerns of potential insider trading.   

White House spokesman Kush Desai told CBS News on March 25, the day after the warning email went to staff, that “[a]ll federal employees are subject to government ethics guidelines that prohibit the use of nonpublic information for financial benefit. However, any implication that Administration officials are engaged in such activity without evidence is baseless and irresponsible reporting.”