The explosive rise of prediction markets in the last two years has led to a host of legal questions, not the least of which is whether and how they will be subject to insider trading enforcement. Event contracts are generally not securities subject to SEC enforcement under the securities laws, and other laws that might be applied to police insider trading have traditionally been used less frequently by enforcement authorities. In this guest article, Boies partner Blake Goebel, with the assistance of summer law clerk Will Randolph, examines court cases that shed light on how prediction market insider trading can and might be prosecuted under the wire fraud statute and Commodity Exchange Act (CEA) and the legal issues facing government enforcers, and then unpacks how such insider trading might create risk for firms and suggests ways in which compliance programs can be adjusted to mitigate this risk. See “Insider Trading Enforcement Moves Beyond Equities” (Jul. 16, 2026).