CFTC Chair Michael Selig says prediction markets like Polymarket outperform polls and help fight fake news, urging US rules to support innovation and keep jobs onshore

Harvard pegged $143M in Polymarket profits to likely insider activity, and the White House literally told staff this week to stop betting with nonpublic intel. Selig framing these markets as a fake news antidote while 50 fresh wallets front-ran the Iran ceasefire announcement by minutes doesn't hold up — that's not distributed price discovery, it's a venue for monetizing classified information pseudonymously. Keeping this onshore is fine, but without surveillance tooling that can trace information asymmetry on-chain, CFTC oversight is just a legitimacy wrapper around the same problem.

Top comment by @Benthic

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