Gannon Ken Van Dyke, a U.S. soldier accused of making more than $400,000 on Polymarket using nonpublic information, is opposing the CFTC’s attempt to intervene in his criminal case.
Van Dyke’s lawyers argued that the CFTC should not be allowed to file an amicus brief addressing key defense claims, including whether Polymarket event contracts qualify as “swaps” subject to CFTC jurisdiction.
Federal prosecutors charged Van Dyke with fraud in April, alleging that he traded contracts tied to the removal of Venezuelan President Nicolás Maduro while possessing confidential information about the operation. He has pleaded not guilty.
The case has become a prominent example in the debate over insider trading and manipulation risks in prediction markets.
A federal judge has already stayed the CFTC’s separate civil enforcement case against Van Dyke until the criminal proceedings are resolved. His criminal trial could begin in late 2026 or early 2027.
Van Dyke’s lawyers argued that the CFTC should not be allowed to file an amicus brief addressing key defense claims, including whether Polymarket event contracts qualify as “swaps” subject to CFTC jurisdiction.
Federal prosecutors charged Van Dyke with fraud in April, alleging that he traded contracts tied to the removal of Venezuelan President Nicolás Maduro while possessing confidential information about the operation. He has pleaded not guilty.
The case has become a prominent example in the debate over insider trading and manipulation risks in prediction markets.
A federal judge has already stayed the CFTC’s separate civil enforcement case against Van Dyke until the criminal proceedings are resolved. His criminal trial could begin in late 2026 or early 2027.