Yeah, you're right. Guess we shouldn't talk about what's happening now or do anything to address it.
That is truly my cynical mindset at this point. The degree to which my trading is regulated is beyond absurd in a market and society where things like this are allowed to happen.
Think of the tariff madness of last year. The biggest issue wasn't that insider billionaires were robbing outsider billionaires. The bigger issue was the massive stress small businesses had to endure, who didn't know how they were going to survive.
Legislation has been introduced to address this exact problem. Edit: Polymarkets should be hevialy regulated or made illegal. In fact, they were illegal, until someone found a loophole.
Stop Insider Trading Act (House): Introduced by Rep. Bryan Steil, this bill aims to prohibit purchasing publicly traded stocks, requires 7-day notice for sales, and imposes penalties for violations. It is supported by GOP leadership.
Restore Trust in Congress Act (Senate): Introduced by Sens. Kirsten Gillibrand and Ashley Moody, this bill bans trading/ownership of individual stocks and requires divestment within 180 days of enactment.
Since Polymarket accepts crypto, there's likely foreign governments getting in on the grift too, which the proposed domestic regulations won't solve and likely won't be accepted by the domestic grifters.