Sen. Jeff Merkley, D-Ore., led a letter — first reported by CNBC — to the CFTC asking for stricter rules for companies like Kalshi and Polymarket.

Sen. Jeff Merkley, D-Ore., led a letter — first reported by CNBC — to the CFTC asking for stricter rules for companies like Kalshi and Polymarket.

The move came after Democratic lawmakers asked the Commodity Futures Trading Commission to prohibits event contracts on elections, war and military actions.

It’s a baby step toward regulating an industry that's supercharging opportunities for insider trading.