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DOJ and CFTC bring first parallel insider trading cases, signaling new enforcement era

In this handout photo from the U.S. Air Force, a U.S. Air Force crew chief guides in a F-35A Lightning II following a large-scale strike against Venezuela military targets in support of Operation Absolute Resolve, in Ceiba, Puerto Rico, Jan. 3, 2026.
Photo: Katelynn Jackson/U.S. Air Force via Getty Images

Barry Rashkover | Walden Macht Haran & Williams LLP, Jeffrey A. Udell | Walden Macht Haran & Williams LLP, Ronald G. White | Walden Macht Haran & Williams LLP, Deanna Paul | Walden Macht Haran & Williams LLP+2

4 min read
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Observations on what these charges may signal for prediction markets, for the government’s evolving enforcement toolkit, and for market participants.

Whether prediction market event contracts are ultimately treated as swaps, options, commodity derivatives, gambling products, or some other instrument, one point is now unmistakable – the federal government is not waiting to bring enforcement actions, especially in the insider trading context.

On April 23, 2026, the US Attorney’s Office for the

The

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