House Oversight Chairman James Comer (R-KY) promised potential subpoenas will be dropping in an investigation into “suspicious market trades” around the Iran war.

On Wednesday’s Mornings with Maria, Fox Business host Maria Bartiromo pressed Comer about the state of his investigation following seven Democratic lawmakers signing their names to a letter demanding subpoenas.

“This is a problem,” Comer admitted, adding later that prediction markets have put lawmakers in “uncharted territory” where they may need to draft a new law to address the issue.

Reps. Maggie Goodlander (D-NH), Sarah Jacobs (D-CA), Seth Magaziner (D-RI), Seth Moulton (D-MA), Chris Pappas (D-NH), Dina Titus (D-NE), and Rashida Tlaib (D-MI) all signed their names to the letter where they said they are “deeply concerned that individuals with access to sensitive government information have used that access for personal financial gain.”

“Congress has both the authority and the responsibility to determine whether existing ethics, classification, and financial disclosure laws have been violated, and whether legislative action is necessary to prevent recurrence. We cannot fulfill that responsibility without knowing who placed these trades,” the Democrats wrote.

Prediction market bets can be made through companies like Kalshi and Polymarket.

The letter noted multiple instances, including an individual who “made nearly $1 million with a 93 percent success rate on wagers predicting unannounced U.S. and Israeli military operations against Iran, placing bets hours before strikes in October 2024, June 2025, and February 2026,” which was highlighted in a recent CNN report.

“I don’t know what the law is, but if we need to make a law and change a law with respect to that, we will certainly do it. But at the end of the day, it’s very unethical and it doesn’t need to happen,” Comer said on Wednesday.

“How does that happen? I mean, so I’d like you to get more information on it. Where are you in that investigation?” Bartiromo asked.

Comer said he’s begun to “request information” and that may lead to subpoenas as Democrats are requesting.

“We’ll request information, and if we have trouble getting it, then a subpoena will follow. My subpoenas hold up in court,” he said.

Check out the full exchange below:

MARIA BARTIROMO: I want to move on to get your take on other things. In fact, seven House Democrats sent you a letter requesting subpoenas for an investigation into suspicious prediction market trades tied to the Iran conflict. What can you tell us about this?

JAMES COMER: Well, this is a problem. We’ve all seen those big trades go through hours before something big happens in Iran. We saw the same thing happen in Venezuela. I think that someone’s been identified in the military as being part of the trade with respect to Venezuela. At the end of the day, it’s suspicious. So it’s something that we’re concerned about. I know there are other committees in the House and the Senate that are looking into that as well. So it’s something that I would like to know the answer, and if someone’s using their knowledge and influence as a government employee or part of our military or part of the administration to profit from that in a prediction market, then they should be held accountable. I don’t know what the law is, but if we need to make a law and change a law with respect to that, we will certainly do it. But at the end of the day, it’s very unethical and it doesn’t need to happen.

BARTIROMO: Yeah, I mean, I don’t know how that’s possible really. I mean, somebody in our military who may very well have access to sensitive information about whether or not we’re going to go into Venezuela, go into Iran, makes a bet on it on prediction markets and makes hundreds of thousands of dollars on it? How is that? How does that happen? I mean, so I’d like you to get more information on it. Where are you in that investigation?

COMER: Well, we’re starting to request information. That’s the process. That’s how it begins. We’ll request information, and if we have trouble getting it, then a subpoena will follow. My subpoenas hold up in court, so if someone gets a letter from me requesting information or a document, they turn it over 99% of the time because if they don’t, we’ll subpoena them and win in court and eventually get the document and make it even harder on them as we move forward with the investigation. These prediction markets are new, Maria, so we’re in unchartered territory. No one would have thought about this two years ago, someone having knowledge about an upcoming invasion of a country and making an enormous bet on a prediction market.

Watch above via Fox Business.

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