Comment Text:
Prediction markets are gambling rife with insider trading. The purpose of prediction markets is to provide a "truth-telling" machine according to the leaders of Kalshi and Polymarket, in which every person can profit. However, this quickly turns into a situation in which normal people provide liquidity for knowledgeable and leveraged parties to exploit insider information and profit. Additionally, current CFTC enforcement seems to usurp the rights of state and local governments to enforce their legislation around gambling. This industry should be made illegal or at the very least well-regulated, to protect normal people (especially those with gambling addictions) and to return the power of decision making to state and local governments.
