Hegseth bans DoD personnel from using nonpublic info to bet on U.S. military ope

[TastyChillySauce00]

In short Defense Secretary Pete Hegseth has banned Defense Department personnel from using nonpublic information to bet on United States military operations. No United States military personnel will be allowed to use nonpublic information to bet on United States military operations saying that financial transactions on prediction markets could expose sensitive military movements to foreign adversaries and endanger American troops.

https://www.cbsnews.com/news/hegseth-betting-ban-military-operations/

Otherwise, Hegseth statement is also emphasizing that if US military personal is still allowed to bet on the prediction market by not using classified information. I see it as a meaningless statement that will change nothing.
What i wanted to see all of their military personnel must be entirely banned from using prediction market.

Militay army should have integrity, and let them to bet on prediction market as long as they're not using insider infos is just destroying their integrity.
Other than it, this confirms the only big people in the government is being allowed to bet with insiders.

[mak013]

I think I would ban all betting on events of this kind. Such information is supposed to be kept secret, but this kind of betting makes it possible to collect information and process it with the help of AI.
Today it's not hard to get information about a bettor and the bet they placed. As a result, prediction platforms can identify "military" bets and figure out what is being planned.

[Smartprofit]

This ban, in my opinion, is perfectly logical. What's unclear is... How exactly does the Ministry of Defense plan to enforce this ban? 🙋

Regarding the Kalshi prediction platform, at least they have player verification using passport data. Strict KYC on Kalshi allows for enforcement of the ban. What about the decentralized Polymarket platform? What about it? Who's stopping Pentagon officers from using TOR or a VPN to bet on Polymarket? Who's stopping them from using cryptocurrency? Who's stopping them from creating fake accounts in the names of their friends and betting with these accounts?

As for the ban itself, I repeat, it's perfectly logical. Moreover, such issues should be addressed by federal law, not by Department of Defense regulations. A Pentagon analyst or officer who periodically bets on prediction platforms could become so obsessed with it that they begin providing false information to command (just to win their bet). 🧖

[Iranus]

In short Defense Secretary Pete Hegseth has banned Defense Department personnel from using nonpublic information to bet on United States military operations. No United States military personnel will be allowed to use nonpublic information to bet on United States military operations saying that financial transactions on prediction markets could expose sensitive military movements to foreign adversaries and endanger American troops.

Will just imposing any ban really solve all the problem? Absolutely not!
Will it really be effective to just sideline the Department of Defense by imposing ban on it, with Pete Hegseth at the helm?

Those platform cannot evade responsibility any way. If any suspicious trading pattern happen they should take note of it. If any unusual betting activity happen to your platform you cannot simply sit idly. If I talk about regulatory bodies, they must also be compelled to take swift action. They must need to find out which specific connection pose direct risk to their national security.
Will responsibility end simply by imposing ban on military personnel from placing bet? Any other insider or intermediary involved in conspiracy could also do same thing! If these vulnerabilities aren't addressed then entire security system will remain incomplete.

[DrBeer]

In short Defense Secretary Pete Hegseth has banned Defense Department personnel from using nonpublic information to bet on United States military operations. No United States military personnel will be allowed to use nonpublic information to bet on United States military operations saying that financial transactions on prediction markets could expose sensitive military movements to foreign adversaries and endanger American troops.

https://www.cbsnews.com/news/hegseth-betting-ban-military-operations/

Well, it makes sense, since this could be seen as an indirect indication of upcoming military operations. The question is this: how can we limit betting on these events if their relatives or trusted friends - through whom they’ll be placing these bets - are the ones placing the bets? This seems like a simple way to get around the ban.

[JeffBrad12]

This ban, in my opinion, is perfectly logical. What's unclear is... How exactly does the Ministry of Defense plan to enforce this ban? 🙋

The ban itself has been issued by ministry of defense who has an authority to control their military personnel. How can you questioning this? They have authority to control their personnel. So it's right for them to issue the ban for their personal to ensure no intervention being made by their personnel to the prediction market use non public information owned by military. However, the problem itself the ban only limited to the private information owned by the military personnel, why don't they do a complete ban to their personal to participate in the prediction market? it will make more sense instead of issuing the ban that is not banning their personnel to gamble.

Honestly, the decision is good, but it sounds useless because they can still a loopholes through their familiy.

[Hispo]

In short Defense Secretary Pete Hegseth has banned Defense Department personnel from using nonpublic information to bet on United States military operations. No United States military personnel will be allowed to use nonpublic information to bet on United States military operations saying that financial transactions on prediction markets could expose sensitive military movements to foreign adversaries and endanger American troops.

https://www.cbsnews.com/news/hegseth-betting-ban-military-operations/

Well, it makes sense, since this could be seen as an indirect indication of upcoming military operations. The question is this: how can we limit betting on these events if their relatives or trusted friends - through whom they’ll be placing these bets - are the ones placing the bets? This seems like a simple way to get around the ban.

I believe many military personnel could be still prosecuted if they try to use that loophole, because it would require them to reveal, or at least hint, about privileged information which is not supposed to be known by civilians, but even those who are family members of people within the military.

I am sure there have been some people in the USA army who have already thought about it, so they can make a quick buck, but one needs to be very foolish in order to risk one's career by potentially leaking sensitive military information for the sake of money/greed.

[AlexSnowSnow]

In short Defense Secretary Pete Hegseth has banned Defense Department personnel from using nonpublic information to bet on United States military operations. No United States military personnel will be allowed to use nonpublic information to bet on United States military operations saying that financial transactions on prediction markets could expose sensitive military movements to foreign adversaries and endanger American troops.

https://www.cbsnews.com/news/hegseth-betting-ban-military-operations/

Makes sense but how would they even control it on crypto casinos without KYC? Someone could bet from an anonymous wallet and nobody would know who is behind it. Seems like a rule like this only works where there is a name attached to the account.

[DrBeer]

In short Defense Secretary Pete Hegseth has banned Defense Department personnel from using nonpublic information to bet on United States military operations. No United States military personnel will be allowed to use nonpublic information to bet on United States military operations saying that financial transactions on prediction markets could expose sensitive military movements to foreign adversaries and endanger American troops.

https://www.cbsnews.com/news/hegseth-betting-ban-military-operations/

Well, it makes sense, since this could be seen as an indirect indication of upcoming military operations. The question is this: how can we limit betting on these events if their relatives or trusted friends - through whom they’ll be placing these bets - are the ones placing the bets? This seems like a simple way to get around the ban.

I believe many military personnel could be still prosecuted if they try to use that loophole, because it would require them to reveal, or at least hint, about privileged information which is not supposed to be known by civilians, but even those who are family members of people within the military.

I am sure there have been some people in the USA army who have already thought about it, so they can make a quick buck, but one needs to be very foolish in order to risk one's career by potentially leaking sensitive military information for the sake of money/greed.

I have no doubt that such people have existed, exist now, and will continue to exist. And they will look for ways to avoid having their identities revealed. The problem for them isn’t that they used insider information to enrich themselves, but that they "leak" confidential information, either directly or indirectly.

At the same time, such platforms can also be used for the systematic leakage of confidential information, bypassing other "spy tricks".

[eisen33]

In short Defense Secretary Pete Hegseth has banned Defense Department personnel from using nonpublic information to bet on United States military operations. No United States military personnel will be allowed to use nonpublic information to bet on United States military operations saying that financial transactions on prediction markets could expose sensitive military movements to foreign adversaries and endanger American troops.

https://www.cbsnews.com/news/hegseth-betting-ban-military-operations/

I think that even if they are personally prohibited from placing bets, they can still use their inside information to bet through third parties. So when someone has access to reliable inside information, they will almost certainly use it to enrich themselves. No bans or restrictions can prevent that if they are determined to do it.

[Hispo]

...

I have no doubt that such people have existed, exist now, and will continue to exist. And they will look for ways to avoid having their identities revealed. The problem for them isn’t that they used insider information to enrich themselves, but that they "leak" confidential information, either directly or indirectly.

At the same time, such platforms can also be used for the systematic leakage of confidential information, bypassing other "spy tricks".

I think it is a dual problem, honestly.
People enriching themselves with privileged information is a problem because it is inherently unfair to the rest of the participants of those markets, it would be almost like stealing money from people.
On the other hand, we also have the positivity of leaking of sensitive information, military information or even company secrets, which could be translated into human and economical losses.

It reminds me to the military guy who betted on Nicolas Maduro getting ousted of power early this year, he was eventually arrested because of inside trading.