Eric Swalwell resigns from Congress amid sexual assault allegations

Eric Swalwell has resigned from Congress following sexual assault allegations and an ethics investigation. The Polymarket contract asking whether Swalwell would be out as a U.S. Representative by May 31 resolved at 100% YES.

With the resignation confirmed, the market moved to 100% YES. Trading volume was nonexistent since the outcome was already guaranteed. The sub-market for May 31 is now locked in with 43 days remaining until the official deadline.

Swalwell’s departure leaves an open Congressional seat in California and removes him from the gubernatorial race, where he had been a frontrunner. The allegations ended both his Congressional career and his campaign for governor.

For traders, the question now is whether the fallout from these allegations moves related markets. The scandal may shift domestic political sentiment and pricing in future election contracts.

Watch for official confirmation from the U.S. House or Clerk that Swalwell’s resignation has taken effect, and any announcements by Governor Gavin Newsom regarding a special election to fill the vacant seat. Both would provide direct inputs for related political markets.

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