The Trump administration sued Arizona, Connecticut and Illinois on Thursday, to stop what it called their unlawful efforts to regulate prediction markets because they may violate state gambling laws.
Attempts by states to shut down efforts by companies such as Kalshi, Polymarket, Crypto.com and Robinhood (HOOD.O), to provide “event contracts” violated the Commodity Futures Trading Commission’s exclusive authority to regulate national swaps markets, the government said.
People close to the Trump administration have been making massive amounts of money on inside information. Of course they don’t want this shit regulated.
Corruption. Prediction markets should not exist at all
The federal government is suing the states to prevent the states from regulating gambling. Let that sink in.
What kind of crack are they smoking that makes them think these are financial instruments rather than just gambling? Not that legit financial instruments are always super tangible and sane, but come the fuck on.
THEY KNOW IT’S GAMBLING – THEY’RE JUST USING SOPHISTRY TO KEEP/MAKE IT LEGAL
They’re right though. Its not gambling. They’re just investing time and influence to get guaranteed returns. So for them its moreso investing than gambling like it would be for us. I’m just not morally bankrupt enough to buy into a prediction market that my country’s military is going to drop bombs on children before Thursday next week.
Isn’t this a violation of the 10th amendment?
