"We ask that the CFTC and OGE issue guidance reminding federal employees of their existing legal obligation to refrain from using their insider governmental information to profit from prediction market trades," wrote the lawmakers.
Request that the CFTC and OGE issue guidance reminding federal employees of their obligation to refrain from profiting from insider governmental information in prediction market trades.
Occurrences
The letter requested that the CFTC and OGE issue guidance reminding federal employees of their legal obligation to refrain from using insider governmental information for personal gain in prediction market trades.
Evidence
On March 30, 2026, Senator Jeff Merkley, along with over 40 other lawmakers, sent a letter to the Commodity Futures Trading Commission (CFTC) and the Office of Government Ethics (OGE) urging the agencies to issue guidance reminding federal employees of their obligation to refrain from profiting from insider governmental information in prediction market trades.
On March 31, 2026, CFTC Director of Enforcement David I. Miller delivered remarks emphasizing the illegality of insider trading in prediction markets and the CFTC's commitment to prosecuting such violations.
On February 25, 2026, the CFTC's Division of Enforcement issued an advisory following enforcement cases involving misuse of nonpublic information in prediction markets, underscoring the agency's authority to police illegal trading practices in these markets.
Assessments
The promised action was to request that CFTC and OGE issue guidance, not necessarily to secure final agency guidance. On March 30, 2026, Senator Jeff Merkley joined over 40 lawmakers in sending a letter to CFTC and OGE urging exactly that guidance regarding federal employees and prediction market trades using insider governmental information. This was completed while Merkley remained in federal office, so it counts as same-term delivery. Later CFTC enforcement remarks and advisory activity provide related context but are not needed to establish fulfillment of the request itself.
Senator Merkley co-authored and sent a letter with other lawmakers to both the CFTC and OGE, explicitly requesting guidance for federal employees regarding insider trading in prediction markets. The CFTC responded with enforcement actions, advisory statements, and public remarks about the issue, but there is no direct evidence that the OGE (Office of Government Ethics) issued new or updated guidance as specifically requested in the promise. Thus, clear attempts were made with significant effort, and partial progress was achieved with the CFTC, but the promise was only partially fulfilled.
Senator Merkley and colleagues formally requested that the CFTC and OGE issue guidance to federal employees to remind them of their obligation not to profit from insider information in prediction markets, as evidenced by their joint letter. The CFTC separately made public statements and issued advisories about enforcement against insider trading in these markets. However, there is no direct confirmation that both the CFTC and OGE jointly issued the specific guidance as requested. Merkley's efforts are documented and substantial, but the promise is only partially fulfilled until official, coordinated guidance from both agencies is confirmed.