Stephen Piepgrass, leader of Troutman Pepper Locke’s Regulatory Investigations, Strategy + Enforcement Practice Group, was quoted in the January 9, 2026 Forbes article, “Why Prediction Markets Need Insider Trading.”

  • “This is a feature of these sorts of trades. Everyone knows going in, or should know, that there may be participants in the market that have more information than others,” said Stephen Piepgrass, a partner at law firm Troutman Pepper Locke who leads the firm’s regulatory investigations practice.
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