CFTC backs case against US soldier accused of Polymarket insider trading

The Commodity Futures Trading Commission (CFTC) has endorsed the criminal case against Gannon Ken Van Dyke, a U.S. Army master sergeant who is accused of insider trading on Polymarket using classified military information. On August 21, the CFTC requested that U.S. District Judge Margaret M. Garnett grant permission to file an amicus brief in support of the prosecutors.

Van Dyke is challenging the charges, arguing that the contracts are not swaps under federal law and that applying the anti-fraud provision to his conduct would be unconstitutional. The CFTC contends that the Commodity Exchange Act is broad enough to encompass the event contracts Van Dyke traded and that accepting his interpretation could significantly limit federal oversight of prediction markets.