Bulwark Takes America’s Wars Shouldn't Be a Casino (w/ Rep. Ritchie Torres)
Jan 7, 2026
This week, U.S. Representative Ritchie Torres, a New York politician known for his integrity in ethics and oversight, joins Sam Stein to discuss the alarming rise of political prediction markets. Torres reveals how a controversial bet linked to Maduro sparked his push to ban insider trading in these markets. They explore the potential corruption risks for lawmakers, touching on absurd examples of manipulated bets. Torres also shares his views on using these markets for electoral insights, while advocating for strong regulatory measures.
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Polymarket Maduro Bet Sparked Action
- Ritchie Torres noticed an anonymous trader on Polymarket win $400,000 betting on the capture of Nicolás Maduro hours before the event.
- He says the timing had all the markings of insider trading and prompted him to draft legislation banning such trades by federal officials.
Insider Bets Corrupt Policy Incentives
- Torres argues insider trading on prediction markets can corrupt both markets and government decision-making.
- He says public officials with profit motives could advocate policies that enrich them, so such trading should be categorically prohibited.
Start Regulation With An Insider Trading Ban
- Torres recommends Congress create a comprehensive regulatory framework for prediction markets and start by banning insider trading for federal officials.
- He frames the insider-trading ban as the simplest, least controversial first step toward taming a Wild West industry.