Beep

Senators Launch New Effort to Ban Federal Elected Officials Profiting from Prediction Markets

https://lemmus.org/post/20689651

Mar 8 at 9:11amWeb
Show threadhenfredemarsMar 8

Why make it so specific? Can’t we make it illegal to benefit from material, non-public information?

This is still insider trading, which ought to be illegal, but it appears to be generally accepted.

Show threadkambushaMar 8
Wondering if it’s because the law is taken so literally in the US, instead of being in the “spirit” of the law. So if it’s too broad or vague, someone will use a loophole.
Show threadhenfredemarsMar 8
I’m not sure we have laws. It depends heavily on who you are whether or not they are enforced. They are more notional generalisms of what we think the law ought to be rather than what it actually is.
Show thread0tan0dMar 8
They will have their spouse who just casually gambles place the bet. The Ol’ Pelosi as I like to call it.
Show threadCaptain AggravatedMar 8
Debating letter vs spirit of law is a symptom of a shittily written law.
Show threadcrusa187Mar 8
Sadly I believe this is because a blanket insider trading ban for Congress would be a non starter. Most of them are there for that exact reason imo, the corpo pac bribes are just a bonus that is helpful in guiding policy when they have to do actual “work”
Show threadMonumentMar 8

Until I saw your comment, my (flippant) response to the person you replied was going to be “Because Congress hasn’t figured out how to use Polymarket.”

Which is a far less eloquent corollary to your comment.

Show threadWhatAmLemmyMar 8
The best part about this is that they already break hundreds of laws with zero consequences. The rule of law is functionally dead under the American nazi party, yet the Liberals continue the performative bullshit. Almost like the majority are a controlled opposition, owned by the Epstein class.
Show threadObiniceMar 8

Gambling. Call it gambling.

Trying to whitewash it as “Prediction Markets” so it doesn’t sound scummy, addictive, damaging and horrible is really annoying.

There is a market for predicting outcomes of things and waging money against those predictions, yes. We call it Gambling.

Show threadexcursion22Mar 8
Or perhaps ban prediction markets altogether? The existence of them can preclude events, and is especially dangerous when such markets are in any way violent.