US Senators Sound Alarm on Prediction Markets Incentivizing Harm

• Senators express deep concern over prediction markets incentivizing physical harm.
• The letter urges the CFTC to prohibit contracts linked to individual's death.
• Concerns raised about potential insider trading and market manipulation.
• Examples cited include contracts on NASA mission failure, Maduro's fate, and Ukraine conflict.

Very Nice, But Is It Legal?

Jagshemash, my name is Borat Sagdiyev, and I come to you today with report of great importance. It appears some bigshot senators in United Stateski are troubled by new "prediction markets." These markets, like Polymarket, are for making bets on, how you say, 'outcomes.' But some outcomes are very bad, nyet? Like death. Or NASA rocket goes kaput. Is very bad.

Senatorski Say Nyet to Profiting From Tragedy

These senators, led by Adam Schiff, say enough is enough. They write very strong letter to Commodity Futures Trading Commission (CFTC), saying CFTC must ban contracts that "incentivize physical injury or death." They say it present dangerous national security risks. Like if someone bet big money on President getting the old 'Kazakhstan Goodbye Kiss' they might, how you say, make it happen? Is not very nice. We should look into Mastering Bedtime Bliss Decoding the Secrets of Peaceful Nights as well to help us sleep better after hearing all the disturbing news.

Examples of Great Disasters, High Stakes

Senators point to examples. One market asks if NASA Artemis II rocket will explode. Another asks if Nicolas Maduro, the Venezuelan leader, will be removed from power. In Kazakhstan, we remove leaders with more... direct methods. Senators worry that insiders can make big money on these bets. Like if someone knows Maduro will be removed, they bet big and become rich. Is very unfair for baba and village idiot.

Insider Trading Scandal Very Naughty

Senators are concern that government officials, regulated entities and consultants who have confidential information can easily act on it to profit in markets that operate with minimal oversight or transparency, or share this information with contacts who can similarly profit. Is like when I try to trade secrets of Kazakhstan for Pamela Anderson's hand in marriage. Very naughty, but I have good intentions.

CFTC to the Rescue? Maybe Not

CFTC is supposed to be keeping watch over these markets, but they seem more interested in protecting their territory. They say individual states have no business interfering. The CFTC says they will protect the markets. Maybe they think states are like gypsies and want to steal all the gold. I have nothing against gypsies. Some of my best friends are gypsies.

Is This the End of Prediction Markets?

Senators are asking CFTC to do their job and protect people from harm. They say these markets risk incentivizing real-world harm by creating financial rewards linked to destabilizing events or physical injury, and by encouraging actors to influence or precipitate those outcomes for personal profit. Will CFTC listen? Only time will tell. But one thing is for sure: In Kazakhstan, we settle our bets with wrestling match, not Wall Street.