Comment Text:
The current prediction market regulations need to be massively strengthened. Markets that allow and even encourage insider trading, as Polymarket currently does, harm the public by making their "investments" subject to manipulation by wealthy insiders. Individuals cannot trust that even public officials are not profiting off of their positions and need to be assured that elected officials and their staffs cannot purchase stakes on issues that they can directly impact with votes or executive orders.
The markets also need to have strong age verification in place, as these markets operate essentially as gambling and circumvent age restrictions by claiming that they do not constitute gambling. This also circumvents state bans on sports betting and online gambling, violating local laws and potentially hiding income from tax authorities.
Overall, there needs to be strong oversight and regulation of prediction markets if these companies are to continue operating in the United States.
