Fall of the Iranian RegimeA video sent to Iran International shows a banner depicting former Supreme Leader Ali Khamenei being set on fire in Iran, accompanied by calls for public protests. Market activity suggests this development could influence predictions around the fall of the Iranian regime and changes in its leadership. Key TakeawaysThe burning of Khamenei’s banner and calls for protests appear to be a significant escalation in dissent against the Iranian regime. Leadership change markets show pricing consistent with YES outcome support, reflecting ongoing uncertainty about Iran’s leadership. Developments in these areas would be consistent with scenarios where regime change becomes more probable.