Trump's crypto profits spark questions on prediction market stance
Trump's $1.2 billion crypto profits complicate his prediction market stance.
Event / Politics
Trump Teleprompter Operator Prediction Market Scandal
Gabriel Perez, President Trump's teleprompter operator since 2016, used access to prepared remarks to place bets on prediction market Kalshi, winning over $100,000. The CFTC is investigating potential insider trading and market manipulation.
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2026-08-15 to 2026-11-12 · UTC publication dates
Coverage begins 17 Jul, 00:32 UTC
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What happened
Kalshi updates employment disclosure policy for prediction market users
Kalshi updated its platform policies to require users to disclose their place of employment. The platform's policy prohibits betting based on information obtained through users' jobs, establishing safeguards against insider trading on prediction markets.
Trump's teleprompter operator previously scrutinized for January 6 speech edits
Gabriel Perez previously came under scrutiny from congressional and federal investigators over edits made to Trump's remarks before his address on January 6, 2021, when the Capitol was attacked. Perez, as teleprompter operator, typically has final review of the president's prepared remarks and often implements last-minute edits from Trump himself.
CFTC investigating insider trading on prediction markets
The Commodity Futures Trading Commission is investigating allegations of insider trading on prediction markets. Investigators discovered that Gabriel Perez placed bets on more than a dozen Trump speeches over a three-month period. The CFTC alerted federal prosecutors in Manhattan, though prosecutors declined to open a criminal investigation. The CFTC has expressed willingness to settle with Perez, potentially requiring return of profits and restrictions on future trading.
White House issues internal memo warning staff against betting on prediction markets
In March, the White House issued an internal memo to staff warning against using nonpublic information to place bets on prediction markets. The memo explicitly addressed the use of inside information gained through employment at the White House.
Trump reported $1.2 billion in crypto business profits in 2025
In his annual financial disclosures, President Trump reported making $1.2 billion from crypto businesses in 2025, including over $500 million from World Liberty Financial and over $600 million from CIC Digital LLC. Both businesses involve crypto products that have declined in value since sale, while Trump personally retained profits.
Gabriel Perez placed on unpaid administrative leave by White House
White House Press Secretary Karoline Leavitt announced on Thursday that Gabriel Perez has been placed on unpaid administrative leave following the disclosure of his betting activities. Leavitt stated that another teleprompter operator would handle upcoming presidential addresses and that the White House has strict ethical guidelines prohibiting such conduct.
Trump expressed support for prediction markets despite reservations
In April, President Trump told reporters he supports prediction markets like Kalshi and Polymarket because the United States could be at a disadvantage if the country does not allow such companies to operate. Trump stated he was not initially favorable to betting markets conceptually but acknowledged the global trend toward such platforms.
Trump frequently deviates from prepared teleprompter remarks
President Trump is known to regularly depart from his prepared remarks during speeches. Trump stated in January that he goes off-teleprompter approximately 80% of the time. This unpredictability created challenges for Perez's betting strategy, as he would reportedly back out of certain bets mid-speech when Trump skipped portions of prepared text.
Kalshi prediction market flagged suspicious betting activity to federal regulators
Kalshi's surveillance team detected and investigated suspicious trading patterns on its 'Mentions' market and referred the activity to the Commodity Futures Trading Commission (CFTC). Kalshi's head of enforcement Robert DeNault confirmed the platform promptly flagged the trades and provided all collected evidence to regulators. Kalshi subsequently froze Perez's account in March, with $90,000 of the $100,000 in winnings remaining frozen.
White House teleprompter operator Gabriel Perez placed bets on Trump speeches using insider knowledge
Gabriel Perez, who has operated President Trump's teleprompter since 2016, is accused of placing bets on Kalshi's prediction market regarding what the president would say in speeches. Perez allegedly made over $100,000 by betting on specific words and phrases Trump would mention, including bets on the February State of the Union address, a December primetime address, a January address at the World Economic Forum in Davos, and a March Medal of Honor ceremony. As the teleprompter operator with access to final prepared remarks, Perez would have had advance knowledge of the content before delivery.
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2 alternative perspectives
White House and Kalshi tighten controls after insider trading probe
White House and Kalshi implement new policies to prevent insider trading on prediction markets.
White House Teleprompter Operator Investigated for Insider Trading on Prediction Markets
White House teleprompter operator investigated for insider trading using advance speech knowledge on prediction markets.