Congress is expanding its insider-trading inquiry, sending formal records requests to Hyperliquid, Crypto.com, and prediction-market operator PredictIt. This builds on an inquiry that began in May with Kalshi and Polymarket, but the focus has shifted to the data these venues actually retain. The committee’s letters, sent September 29, demand a detailed breakdown of how each platform verifies customer identities, keeps records of suspicious trades, controls employee activity, and refers questionable cases to regulators or law enforcement.
For Hyperliquid, that scrutiny follows reports of a major leveraged short positioned on the platform before an October 2025 U.S. tariff announcement, raising questions about access to sensitive government information.
What’s new here is not an accusation of wrongdoing, but the mechanics of oversight. Congress wants to know whether trading venues can connect unusual market moves not only to wallet addresses but to real people, and document what they did when concerns were flagged. By grouping Hyperliquid with prediction markets, lawmakers are widening the inquiry beyond the original targets and pressing for a full transaction and identity trail.