Comment by PunchyHamster
6 hours ago
Just ban gambling. That solves good part of it.
Then ENFORCE EXISTING LAWS. That solves good part of it.
Talking about any other solutions will have to wait for govt that's not crooked. It doesn't need revolution, it needs to not have criminals at helm
Rather than banning gambling I think you need to ban congress critters from trading. Polymarket is a quick and anonymize way of making long bets on your inside information.
But there are plenty of other stock-based bets they already do make to trade on confidential info.
They should be allowed to hold an ETF with fully locked contribution schedules. Anything more is corruptible.
(Also, if congress critters’ wealth was coupled to the index instead of specific interests, maybe we’d get less pork overall.)
Ban gambling advertising. Ban online gambling. It will solve a lot of the issues without allowing criminals to profit from illegal gambling.
I'm a little confused by your comment.
Insider trading is already illegal (this case proves it). If the problem is under-enforcement, then I agree that better enforcement is the fix.
Banning gambling is a completely separate intervention addressing a different activity, and clearly wasn't required to bring charges in this case.
The tendency of governments to create new laws instead of enforcing existing ones is how we end up with absurdly complex legal systems and the loopholes that come with them.
How would you define gambling? Would it make trading stocks illegal?
Lots of countries have managed to legally define gambling and ban it without making stock trading illegal. Even the US. This isn't some gotcha.
That would require a functioning legislative branch that could pass laws. However a major political program of the past decades has been to gum up Congress and prevent its functioning. There's very limited bandwidth to accomplish legislation, and there's hundreds of good fixes that can't fit through, so I doubt the US will be able to fix this anytime soon, unless there's bigger scandal.
If it is based on chance, then it is gambling.
Until the Commodity Futures Modernization Act of 2000, Collateral Debt Obligations were regulated differently in different states. Some said it was insurance, and thus regulated it like insurance. Some said it was gambling and banned it outright. Instead, regulation was handed to a toothless new agency who got little funding for enforcement and the rest of the world got the 2008 financial crisis.
https://en.wikipedia.org/wiki/Commodity_Futures_Modernizatio...
> Just ban gambling. That solves good part of it.
does that include the stock exchange?