Comment Text:
The complete lack of regulation in the prediction market has resuted in a transparently fraudulent system in which insiders routinely use their own insights to unfairly leverage the market in their favor. When the bet is on a real world event, the people involved in making that event accour will automatically be persuaded by that market. This has already been seen within these markets. A small example being the bet on whether or not Jeff Bezos would be at the super bowl. His own son knew his father would be there and let his freinds know, resulting in an unfair market. This is seen on a larger scale as well. We can see the same situation present itself with the military action between the US and Iran. Just before Iran's leader was killed, six accounts on these prediction markets bet massive amounts of money on the event accuring. This is blatant insider trading in which people, most likely in the pentagon or in those decision making rooms, had actionable information to the actions of our military and decided to make money with that insider knowlege. These markets are both unfair and threaten the security of our nation. These companies should be banned and the entire practice abolished. Everyone in the CFTC who advocates for the autonomy of these companies is an obvious shill and should fired immediately. But, you know, that won't happen. Accountability is for the poor.
