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‘Oligarchy on Full Display’: GOP Lawmakers Block Effort to Subpoena Donald Trump Jr. Over Suspicious Pentagon Loan
"If there is nothing to hide, then why won’t Donald Trump Jr. explain to this committee why, just months after becoming a partner, his firm’s financial stake grew substantially following the single largest loan ever issued by the Pentagon’s Office of Strategic Capital?"
Mar 26, 2026
A Democratic member of the US House is calling out her Republican colleagues after they thwarted her attempt to subpoena Donald Trump Jr. to answer questions related to his financial stake in a company that scored a suspiciously timed $620 million loan from the US Department of Defense last year.
Rep. Maxine Dexter (D-Ore.) on Wednesday tried to force the House Natural Resources Oversight and Investigations Subcommittee to vote on subpoenaing Trump Jr. to testify about his venture capital firm's investment in Vulcan Elements, a startup that specializes in producing rare-earth magnets used in drones, radars, and other pieces of military equipment.
According to CNBC, Rep. Paul Gosar (R-Ariz.), the subcommittee chairman, moved the committee into an hour-long recess immediately after Dexter motioned to subpoena the president's eldest son. After returning from the recess, Republicans on the subcommittee voted to table the resolution.
Dexter, however, vowed that this wasn't the end of the story.
"If there is nothing to hide," she said, "then why won’t Donald Trump Jr. explain to this committee why, just months after becoming a partner, his firm’s financial stake grew substantially following the single largest loan ever issued by the Pentagon’s Office of Strategic Capital? This is the oligarchy on full display, and I’m committed to ending corruption."
Rep. Jared Huffman (D-Calif.), ranking member on the House Resources Committee, told CNBC that investigations into Trump Jr. potentially using his father's presidency to enrich himself are "not going away."
"You can do these moves, but you cannot hide, you cannot dodge accountability," Huffman emphasized.
The Financial Times reported in December that 1789 Capital, a venture capital firm founded by pro-Trump donors in 2023 that brought Trump Jr. in as a partner in 2024, bought an equity stake in Vulcan Elements, months before it was awarded the $620 million loan by the Pentagon.
Revelations about the Vulcan Elements contract came just weeks after the Florida-based drone startup Unusual Machines, in which Trump Jr. has held a $4 million stake, received a contract from the US Army to manufacture 3,500 drone motors.
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New Bill Would Crack Down on Prediction Markets After Suspicious Bets on Maduro, Iran
"No one should be able to gamble on death and destruction, especially people connected to Trump with insider knowledge,” said Rep. Rashida Tlaib.
Mar 18, 2026
Two Democratic lawmakers on Tuesday introduced legislation that would prohibit online prediction markets from allowing bets on government actions that could be easily gamed by insiders.
The proposed Banning Event Trading on Sensitive Operations and Federal Functions (BETS OFF) Act, unveiled by US Sen. Chris Murphy (D-Conn.) and Rep. Greg Casar (D-Texas), would ban "wagering on government actions, terrorism, war, assassination, and events where an individual knows or controls the outcome."
The lawmakers said the legislation was necessary due to suspiciously timed bets that were placed on the cryptocurrency-based prediction platform Polymarket related to imminent US military actions in Venezuela and Iran, raising concerns that Trump administration officials were using insider information to profit from life-or-death policy decisions.
The fact that the bets were placed on Polymarket is notable because Donald Trump Jr., President Donald Trump's eldest son, sits on the company's advisory board. Wired reported last year that Polymarket also received an investment from 1789 Capital, the venture capital firm where Trump Jr. serves as a partner.
Given this potential massive conflict of interest, argued Murphy, it is imperative for Congress to step in and put a stop to possible insider trades related to war and other government policy matters.
"There’s no getting around the fact that any prediction market where somebody knows or controls the outcome of a bet is ripe for corruption,” said Murphy. “Even worse, prediction markets are also an avenue by which government decisions get influenced by who's making money off them, and that should be unforgivable to the American public."
Murphy added that "when events that involve good and evil, life and death become just another financial product, morality no longer matters and the soul of America is fundamentally corrupted."
Casar said that the legislation is needed to battle the "crisis of corruption" engulfing the US government during President Donald Trump's second term.
"Too often, prediction markets are becoming yet another place for rich and powerful people to cash in on insider information," Casar said. "This bill will put a stop to that."
Rep. Rashida Tlaib (D-Mich.)—who is co-sponsoring the bill along with Sen. John Hickenlooper (D-Colo.), Rep. Yassamin Ansari (D-Ariz.), and Rep. Gabe Amo (D-RI)—said it was "sickening" to think of Trump administration insiders making money from their own acts of military aggression.
"No one should be able to gamble on death and destruction, especially people connected to Trump with insider knowledge,” Tlaib said. “Congress must ban profiting from war and war crimes."
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No More Gambling With The Lives Of Iranians: We Must Ban the War Prediction Market
Prediction markets represent a further commodification of war, violence, and death—one that risks manufacturing consent for more violence by providing people with a financial incentive for it.
Mar 10, 2026
On February 27, more than 150 accounts placed bets on Polymarket accurately predicting that the US would strike Iran by the following day. Of these accounts, at least 16 made a profit of over $100,000, and at least 109 made over $10,000. The New York Times found one anonymous account that had spent $60,000 in the days before the strikes and made nearly half a million dollars.
Given the timing of these bets, this has raised concerns about insider trading. Bubblemaps, an analytics platform that turns blockchain data into interactive visuals, found a cluster of linked accounts that made $1.2 million by making very specific bets with near-perfect accuracy. This includes betting that the US and Israel would attack Iran on February 28.
What’s more, their analysis found that this was not an isolated incident. For instance, in June 2025, two of these accounts bet $10,000 and $100,000 that Israel would launch military strikes against Iran just days before they did. Those strikes were part of a surprise attack that Israel had been covertly planning for months.
This is a serious issue, but let’s be clear: The idea that this kind of insider trading is not happening under the most overtly corrupt presidential administration in US history is quite frankly laughable. Indeed, the Trump administration is actively supporting Polymarket and Kalshi against ongoing efforts by states to ban them. Coincidentally, Donald Trump Jr. has invested in Polymarket through his venture capital firm and is a strategic advisor for Kalshi. Any decision that benefits those companies would likewise benefit Trump’s family.
An outright ban won’t change the fact that we are a nation where millions of people believe it is completely fine to gamble on death.
But the problem here is larger than the Trump fraud network. Prediction markets represent a further commodification of war, violence, and death—one that distracts from the injustices of war and the suffering of its victims. It is a commodification that risks manufacturing consent for more violence by providing people with a financial incentive for it. While it stopped amid public backlash, Polymarket was allowing people to place bets on whether a nuclear bomb would be detonated by the end of 2026 or 2027. Over $800,000 worth of bets had been placed before the market was taken down.
Betting on such grotesque violence is not only morally repugnant in itself, it risks desensitizing us to the true human cost of that destruction. What’s happening in Iran is not a just war being waged against a legitimate threat. America is not freeing the Iranian people—it is murdering children and destroying a nation without any regard for who will pick up the pieces. This is senseless carnage carried out by two morally bankrupt countries against a nation that, regardless of one’s feeling toward it, did everything it could to prevent this war.
None of these deaths had to happen. And yet, companies like Kalshi and Polymarket were fueling people’s desires for violence. In January, Kalshi began taking bets on whether Ayatollah Ali Khamenei would be “out as Supreme Leader” before February 1, March 1, April 1, July 1, or September 1, 2026. This was a lucrative market that attracted more than $54 million in trades. When his assassination was confirmed on February 28, those who had put money on “before March 1” thought they had "won" big.
Instead, Kalshi invoked a “death carveout” clause to avoid paying customers their "winnings." A Kalshi spokesperson said that the company “included every precaution on this market to make sure people could not trade on the outcome of death.”
Their consumers disagree. They filed a lawsuit against Kalshi alleging that they were drawn to the “Khamenei Market” because they understood “with an American naval armada amassed on Iran’s doorstep and military conflict not merely foreseeable but widely anticipated,” Khamenei would “most likely” be removed from office “through his death.”
In other words, these people were intentionally betting that the US would kill Khamenei and are upset because their earnings were denied. This is true regardless of what Kalshi intended or whatever precautions it took. The market itself created the possibility—the perverse hope—that Khamenei’s death might enrich their own.
For those bettors, Khamenei’s assassination was a personal victory; the injustice was that Kalshi denied them their rightful spoils. A business executive in New York told the Washington Post that he had placed two bets totaling $3,460 that Khamenei would be “out” by March 1 and was expecting to "win" $63,000. He remarked: “I was booking my trip to Courchevel. Then they changed the rules… and everybody got screwed.”
Except not everyone got screwed: the Iranian people did. They are the ones who lost everything. That business executive—almost assuredly overpaid—will not miss those "winnings." But Iranians will miss the loved ones they lost. Those deaths are an absolute loss. They can never be recovered, replaced, or recuperated.
These markets should be banned, and there is some congressional momentum on that issue. But an outright ban won’t change the fact that we are a nation where millions of people believe it is completely fine to gamble on death. We are a nation whose government actively posts inane memes and jokes about the illegal war it is conducting in clear violation of international law.
Things must change: We cannot allow ourselves to be driven to moral depravity by a conman and his lackeys. We must end this illegal war. We must help the Iranian people rebuild their country. We must become, in short, a nation that condemns deaths and cherishes life.
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