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Former U.S. military member Gannon Ken Van Dyke is pushing back against an attempt by the U.S. Commodity Futures Trading Commission to weigh in on his criminal trial over allegations he used confidential information to make more than $400,000 in illicit gains on Polymarket, Cointelegraph reported.
Van Dyke was criminally and civilly charged in April over allegations he speculated on Polymarket event contracts using nonpublic military intelligence learned while participating in an operation to remove former Venezuelan President Nicolas Maduro. With the civil case paused pending the outcome of the criminal trial, the CFTC has asked to file an amicus brief with the criminal court. The agency aims to reinforce its view that Polymarket event contracts qualify as swaps under its jurisdiction and that the use of nonpublic information in prediction markets falls under fraud and insider-trading rules in the Commodity Exchange Act. Van Dyke’s legal team strongly opposed the move in a filing submitted to the U.S. District Court for the Southern District of New York on Aug. 24.