White House staff warned against insider trading amid Iran war

The White House warned staff last month against using nonpublic information to trade on financial markets, as a series of well-timed bets on oil and prediction markets related to the war in Iran have raised concerns about insider trading.

A White House official confirmed to The Hill that an email was sent to staff. The official also underscored that federal regulations bar government employees from using nonpublic information for personal gain or from gambling on government property.

“President Trump has been crystal clear: while he seeks a strong and profitable stock market for everyone, members of Congress and other government officials should be prohibited from using nonpublic information for financial benefit. The only special interest that will ever guide President Trump is the best interest of the American people,” White House spokesperson Davis Ingle said in a statement.

“All federal employees are subject to government ethics guidelines that prohibit the use of nonpublic information for financial benefit,” he added. “However, any implication that Administration officials are engaged in such activity without evidence is baseless and irresponsible reporting.”

The memo pointed to recent reports raising concerns about potential insider trading on prediction markets, according to CBS News.

One Polymarket account made more than $550,000 after placing a series of bets on markets about Iran and the late Supreme Leader Ayatollah Ali Khamenei shortly before the February strikes got underway, NPR reported. The strikes ultimately resulted in the Iranian leader’s death.

Several newly created accounts on the site also placed bets on whether the U.S. and Iran would reach a ceasefire just hours before Trump announced a two-week pause in hostilities Tuesday night, according to The Associated Press. The accounts raked in hundreds of thousands of dollars.

A series of trades on oil markets have also faced scrutiny. Last month, traders placed $580 million worth of bets on crude oil futures just 15 minutes before Trump touted productive talks with Iran in a social media post, the Financial Times reported.