Polymarket bets on bank failures raise concerns among regulators, lawmakers - report

Polymarket bets related to bank failures have triggered concerns from regulators and lawmakers, people familiar with the matter told Bloomberg News.The contracts are a small part of Polymarket's offshore platform, and ban Americans from trading, Bloomberg noted.Regulators and lawmakers worry whether such contracts could grow in volume and fuel a bank run, according to the report published on Friday.Federal Deposit Insurance officials have questioned whether there was any legitimate commercial or investment benefit to the contracts, and whether the agency's internal ethics restrictions were strong enough to prohibit insiders from trading on the platforms, according to the sources.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.