On Prediction Market Regulation
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(This is my comment re CFTC call for comments on prediction markets.)As an economist, not a lawyer, I write here on public interest, not what is legal.Like all financial markets, prediction markets can serve many functions, such as moving and cutting risk, collecting and sharing information, and the fun of action and proving yourself in competition. For decades, that risk function was the only one U.S. regulators allowed as a justification, but I’ve long argued for a huge potential info va
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