A senator trying to put an end to officials getting rich off insider trading

[YellowSwap]

Insider trading have been a thing for the past many years and now she is making a big deal of out it? Maybe simple because it's becoming more noticeable that she isn't the only one taking part of the cake for herself? It's very likely that she's also trading on tips too.




Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

[goldkingcoiner]

Insider trading have been a thing for the past many years and now she is making a big deal of out it? Maybe simple because it's becoming more noticeable that she isn't the only one taking part of the cake for herself? It's very likely that she's also trading on tips too.




Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

Politicians are the problem because they are the corrupt ones who profit off of insider trading. To talk to them about ending this kind of corruption is like spitting in the wind. Same goes for the boomers in the government who only make policies that benefit people their own age and wealth status. I have absolutely lost all faith that these people will ever do anything against it.

We need them to be replaced by the younger generations asap.

[Cryptomultiplier]

Insider trading have been a thing for the past many years and now she is making a big deal of out it? Maybe simple because it's becoming more noticeable that she isn't the only one taking part of the cake for herself? It's very likely that she's also trading on tips too.




Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

I think some top news these days from around the world mostly from those countries who have more gamblers than others and the reach of predictions market, evolve around top government officials or their families involved in one form of gambling corruption or the other.
In Thailand there was a top government official's son involved in one of these gambling scandals, in Phillipines we have same and am not surprised the U.S may still have theirs or the woman in the picture shared, might just be about the U.S.

It's no wonder why we see the major breakout of the Polymarket and Kalshi, because their models lean towards conviction based gambling and involves every form of political or governmental and other options that insider trader from real persons in top positions can truly influence to a big win.
Maybe that's why when policies and acts try to be created on behalf of these government personnel being involved in insider trading, it gets delayed because then it means no extra money for them besides their salary as a government official.

I think the predictions market which better uses insider trading information on political agendas or meeting reports is a more accurate truth signal than sportsbetting or any trading type we have, because most people believe more in the conviction and information they get because of their position in government offices before staking or picking against the opinions of others based on this conviction.


 

[Odusko]

Insider trading have been a thing for the past many years and now she is making a big deal of out it? Maybe simple because it's becoming more noticeable that she isn't the only one taking part of the cake for herself? It's very likely that she's also trading on tips too.

Insider trading I a jailable offense, Many offenders both political office holders and individuals who have abuse the market and are caught, so insider trading is no longer new thing and the law recognizes it.

Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

Now this is where the problem is, stock market an exchange have hard several regulations policies that pronounce insider trading as illegal, but predictions market being relatively new, hasn't gone through such regulations this can pause limits although actions like this will defined what punishment offender get.

[Fortify]

Insider trading have been a thing for the past many years and now she is making a big deal of out it? Maybe simple because it's becoming more noticeable that she isn't the only one taking part of the cake for herself? It's very likely that she's also trading on tips too.

Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

Well, this is exactly what politicians - aka lawmakers - are meant to be doing, but they are often late to the party and in the case of Republicans, getting massively in on the corruption. These are already regulated but the fact is the president's son has a big ownership chunk in Polymarket and has the protection of the most powerful person on the planet. Trump has been a grifter and conman his whole life, yet still found himself voted into office because of how rotten America has become. All of the news stations and media are now in the hands of only a few people, which regulators are meant to be able to stop, but how can you stop them when they benefit a leader who will cling on to power through any method he can even if it means destroying the very democracy of the country.

[OgNasty]

As far as politicians being corrupt, sure the stock market trading thing is a big deal.  Nancy Pelosi shouldn't have made hundreds of millions of dollars trading while in office.

However, the corruption happening with things like California's high speed rail is far bigger.  Between things like that, the hospice fraud, the daycare fraud...  Politicians making a few hundred million is bad, but it's a drop in the bucket compared to what some are enabling behind the scenes...  The more you learn, the more you will be disgusted by politicians.

[terrific]

It shouldn't only be insider trading but also corruption. That happens in obvious day light in front of the eyes of the public.
They have to stop it because it causes manipulation not only to the events but as well as the world economy.
It's been made as a play ground and milking area of these politicians who are becoming rich off insider's trading.

[Faisal2202]

Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

Their current actions and statements are proof that they were doing it on a larger scale and now they think it is time to put a stop to it. To be honest, it feels like this senator is trying to put an end to this because they did not allow her to participate or did not onboard her haha.

But in reality, this was being discussed even before this senator. The authorities have made it clear that officials close to cases that are going to impact the market cannot trade in those markets and even their families cannot trade.

[IjawMan]

The prediction market is not the problem after all and do not have to be what should be banned rather the politicians should be the ones that should get banned from partaking in them.

The politicians are privy to deep information that ordinary people do not and cannot have access to ontil time has made it irrelevant. Banning politicians is what can help truncate much insider trading troubles in the prediction market instead of banning the market.

[joniboini]

The politicians are privy to deep information that ordinary people do not and cannot have access to ontil time has made it irrelevant. Banning politicians is what can help truncate much insider trading troubles in the prediction market instead of banning the market.

To be fair we have many kinds of people who are privy to secrets, from businessmen to politicians. Even if they made them illegal to participate, I'm sure they'll find ways to use proxies to make sure their involvement isn't directly exposed if something bad happens. The law needs to be strict, but they need the right persons to implement that too, which is even harder. They could argue removing the market entirely solve that, but obviously it's overkill and people will just find other markets to move their funds.

[Sammye3]

This is a really unfair practice by the government and it is quite popular in recent times. The youth are called leaders of tomorrow but there is no room for these so called "leaders" to rule. We are enslaved to the evil these politicians do and we have no say. They manipulate the market for selfish interest and let their citizens suffer for it, that's a whole different level of wickedness and selfishness.

[Zlantann]

To be fair we have many kinds of people who are privy to secrets, from businessmen to politicians. Even if they made them illegal to participate, I'm sure they'll find ways to use proxies to make sure their involvement isn't directly exposed if something bad happens. The law needs to be strict, but they need the right persons to implement that too, which is even harder. They could argue removing the market entirely solve that, but obviously it's overkill and people will just find other markets to move their funds.

A prediction market seems simple to manipulate, as there are bets on almost everything. A politician and their cronies can initiate a trade on this platform based on information at their disposal. Stopping them from engaging in these bets would not stop the problem but it would be reduced. These restrictions should also be in place for these politicians' friends and families, since they can be used to place bets. My suggestion is that political affairs should be removed from the prediction market because they can be easily manipulated.

[Majestic-milf]

To be fair we have many kinds of people who are privy to secrets, from businessmen to politicians. Even if they made them illegal to participate, I'm sure they'll find ways to use proxies to make sure their involvement isn't directly exposed if something bad happens. The law needs to be strict, but they need the right persons to implement that too, which is even harder. They could argue removing the market entirely solve that, but obviously it's overkill and people will just find other markets to move their funds.

A prediction market seems simple to manipulate, as there are bets on almost everything. A politician and their cronies can initiate a trade on this platform based on information at their disposal. Stopping them from engaging in these bets would not stop the problem but it would be reduced. These restrictions should also be in place for these politicians' friends and families, since they can be used to place bets. My suggestion is that political affairs should be removed from the prediction market because they can be easily manipulated.

It's only a call, I don't think it has been put into law yet. Kirsten Gillibrand seems fed up with how politicians misuse their office for financial gain but this isn't something new, right. The fight against corrupt practices is going to need more actions than suggestions and even though she means well, I doubt this sort of practice will stop.

[michellee]

Hehehe that is funny but they will ban every government officials who betting. Yeah, maybe she can't take her part on that bet so she said that. But if she can use her opportunity and bet on the thing that available by insider people, I don't think she miss that.

She can ask his trust people to do that thing for her and split the profit together. Government officials especially who commit illegal ways might runs casino but under other people's name. So that is not surprise if we see that.

[Perfectbaby]

Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

The funniest thing is that they will implement laws that would on benefits them.
How do you tends to monitor the government officials? especially site like a prediction market, Polymarket or some others that only needs connection of their wallets without entirely asking for verification processes, and even thought they often tends to be that smart by using some others to past information on the market people won't still know yet they are solidly enriching themselves. Of course I agreed with the previous poster that those people need to be flushed out and got replaced by the newer generation who could be strict to law adherence.

[IjawMan]

The politicians are privy to deep information that ordinary people do not and cannot have access to ontil time has made it irrelevant. Banning politicians is what can help truncate much insider trading troubles in the prediction market instead of banning the market.

To be fair we have many kinds of people who are privy to secrets, from businessmen to politicians. Even if they made them illegal to participate, I'm sure they'll find ways to use proxies to make sure their involvement isn't directly exposed if something bad happens. The law needs to be strict, but they need the right persons to implement that too, which is even harder. They could argue removing the market entirely solve that, but obviously it's overkill and people will just find other markets to move their funds.

While the idea of banning the politicians from participating came in I also thought about  how it can also be possible for them to use a substitute and get involved indirectly, though I did not accept the thought of banning the market as what may appear to be the ultimate solution.

Some thing appalling may  be created and called something else which investors will be willing to move their money into, provided it promises to give profit. The strictness of the law is only what can solve much of the abnormalities.

[programmer3666]

This is one of the biggest problems with many politicians and government officials today. A lot of them enter politics not to serve the people, but to enrich themselves by every means possible. You will see leaders who already have access to power and privileged information still looking for ways to make even more money while ordinary citizens struggle with inflation, unemployment and hardship. That is why many people no longer trust politicians when they suddenly start talking about corruption or insider trading. People start asking, Were you not benefiting from the same system before!!. Seriously, leadership is supposed to be about service, but sadly for many officials, it has become more like a business opportunity to secure wealth and power for themselves and their circle.

[Eternad]

Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

In my country, All government officials and now government employees is banned to gamble on a casino but still it doesn’t stop them to gamble because they use fake ID with actual records on government data base through deep corruption or they can have proxy to bet for them.

This ban will not stop insider betting since they can just pass their info to someone that can place bet for them to earn profit.

The prediction market itself is the problem because they often offer a pick that is subjective to manipulation.

[rat03gopoh]

Am I the only one who thinks that all politicians in the world deliberately draft laws a bit late for things like this? Once they realize the huge opportunity, they get involved and exploit it until they get really rich, then ban it as if they're still morally sound.

[X-ray]

Maybe prediction markets need to be banned? Or is it every government officials that needs to be banned? As for me I don't know about any other business models as government officials than this, lol.

In my country, All government officials and now government employees is banned to gamble on a casino but still it doesn’t stop them to gamble because they use fake ID with actual records on government data base through deep corruption or they can have proxy to bet for them.

This ban will not stop insider betting since they can just pass their info to someone that can place bet for them to earn profit.

The prediction market itself is the problem because they often offer a pick that is subjective to manipulation.

That's the thing. What stopping the government officials from sharing insider information to foreign brokerage to trade on their behalf and split the profit.

It's among the most difficult thing to track and take care of.

I'd be more inclined if there is an obligation for government officials who trade to disclose their buying so the average people likes us could follow it or take it into account.