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
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.)
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.
Personally I think the system shouldn't be so easily overloaded.
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...
Is there much difference between picking a horse at the track or a stock on an exchange?
Getting some bills passed does not equate to adequate legislative capacity.
does that include the stock exchange?
And tax capital gains at a rate inversely proportional to how long the shares were held. E.g., 90% if held less than a second, 10% if held over 10 years.