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Home/Markets & Investing/SEC ENFORCEMENT ACTION · STABLECOIN US LEGISLATION

Dodd-Frank Act prohibits oil futures trades based on non-public White House decisions

FT

Freya Thatcher

SEC enforcement action · Apr 10, 2026

Dodd-Frank Act prohibits oil futures trades based on non-public White House decisions

Source: The Digital Ledger Data Terminal

Traders holding positions before a March 23 social media post by President Trump threatening to strike Iranian power plants made enormous profits as oil prices soared. The post, which threatened to obliterate Iranian power plants if the Strait of Hormuz was not reopened, followed a large volume of well-timed positions taken in oil futures and related markets.

Related Brief1d ago
market integrity

A surge in oil futures trading minutes before a major geopolitical announcement reveals a gap in how insider trading rules apply to new prediction markets

Six million barrels of Brent and West Texas Intermediate crude oil futures changed hands in a two-minute window just before President Donald Trump announced a five-day pause in strikes on Iran. That volume dwarfed the 700,000-barrel average seen in the same period over the previous five days. The surge occurred between 6:49 a.m. and 6:51 a.m. New York time—more than 14 minutes before Trump’s public statement at 7:05 a.m. A $500 million position was established on those contracts just before the announcement. The timing aligns with past instances where trades preceded major policy shifts. Federal law prohibits government employees from using non-public information for financial gain, a rule reinforced by the STOCK Act of 2012. The White House has no evidence of staff profiting from insider trading but sent an internal email reminding employees of their ethical obligations. Meanwhile, platforms like Polymarket and Kalshi operate in a regulatory gray area. The Commodity Futures Trading Commission claims jurisdiction over event-based contracts, but enforcement against insider trading in these markets remains undefined. Even without confirmed misconduct, repeated patterns of well-timed trades erode market integrity. When privileged information appears to drive profits, public trust in both financial markets and government institutions weakens. The rise of unregulated prediction markets amplifies the risk, exposing a gap between existing ethics rules and the mechanisms needed to enforce them.

Democratic senators Elizabeth Warren and Sheldon Whitehouse have requested that the Commodity Futures Trading Commission investigate these trades, along with similar activity preceding announcements on Venezuela sanctions and tariff policies. The CFTC oversees futures, options, and swaps markets and has the authority to investigate and prosecute insider trading.

Related Brief1d ago
commodity trading

Senators Demand CFTC Probe Into Oil Market Trades Tied to White House Iran Moves

Trading activity in oil markets since March 23 resulted in lucrative gains for traders who positioned themselves before White House decisions on Iran, Venezuela, and tariff impositions. Senators Elizabeth Warren and Sheldon Whitehouse sent a letter to the CFTC on Thursday calling for an investigation into these unusually large commodity and equities trades. The senators requested that the CFTC provide answers to questions regarding market surveillance and investigative steps. This follows a query from Senators Mark Warner and Adam Schiff to the SEC and Defense Department Inspector General regarding similar trading activity. The CFTC enforcement director stated last month that policing insider trading is a priority.

The Dodd-Frank Act prohibits the use of non-public information to trade futures, options, and swaps. Violations of this act can result in fines, trading bans, and prison time.

Related Brief1d ago
digital assets

ClearBank's MiCA license integrates stablecoins into regulated European banking rails

Businesses and individuals can now use USDC and EURC stablecoins for payments, remittances, and treasury operations through regulated banking infrastructure. The Dutch Authority for the Financial Markets (AFM) granted ClearBank a Crypto Asset Service Provider (CASP) license under the European Union’s Markets in Crypto-Assets (MiCA) framework. This authorization provides ClearBank an EU-wide passport to legally provide custody, exchange, and order execution services across the European Economic Area. Through an expanded partnership with Coinbase, ClearBank will issue and distribute Circle’s dollar-denominated USDC and euro-denominated EURC stablecoins. The integration allows Coinbase users to access savings accounts protected by the Financial Services Compensation Scheme (FSCS).

SEC enforcement actionstablecoin US legislation

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