The tricky part is where you draw the line. Banning officials from betting on outcomes they directly influence makes sense, but how far do you extend that without turning prediction markets into another heavily permissioned system?
1/ amid venezuela’s suspicious @polymarket win, rep. ritchie torres is fast-tracking a bill to bar officials from trading on nonpublic info
analysis by @theovail
2/ here’s why getting prediction market rules right could shape their future as trusted tools — or just another exploit for political elites
3/ the political case is simple. if politicians can legally bet on outcomes they influence or see coming, incentives twist and public trust takes another hit
4/ we already saw this movie with stocks. the stock act of 2012 was supposed to stop congressional insider trading. it didn’t
5/ richard burr dumped $1.7m after a classified covid briefing. kelly loeffler offloaded millions after the same warning. tommy tuberville traded defense names and missed reporting deadlines 132 times. zero prosecutions. $200 fee for hiding trades, routinely waived
6/ prediction markets make the game even cleaner. explicit bets on “will this bill pass” or “will there be a military move” leave almost no deniability
7/ torres’s bill reportedly extends stock act logic to these markets. details still thin, but the direction matters. without clear rules, suspicious trades become almost impossible to touch
8/ prediction markets did $44b in volume last year. polymarket’s 2024 election accuracy showed what they can do when they work
9/ insider activity doesn’t necessarily break the market. on-chain everything is visible. wallets can be tailed. information still gets priced in
10/ reputation is the real risk. if the story becomes “just another way for connected people to cash in,” mainstream adoption and sensible regulation get a lot harder
11/ friendly regulators are in the seat right now. if platforms don’t help solve this, a less friendly administration will do it with a heavier hand later
12/ this doesn’t mean blanket regulation. narrow rules that stop public officials from betting on things they control serve everyone. crypto was supposed to check establishment abuse, not give it new tools
13/ enforcement will still be hard. proving intent is harder. the behavior probably continues either way
14/ but clear norms plus on-chain transparency still matter. every polymarket trade is public. researchers and communities can watch in real time
15/ these are the formative years. getting the foundations right is the difference between prediction markets becoming trusted information tools or another elite playground
what does it actually mean to co-own ai?
@veryBN sits down with @david_enim, core contributor to olas, on how you move from using ai to participating in it
with olas you can hold tokens, run agents, or operate them as a business. across defi, prediction markets, and other onchain use cases, agents generate value and operators share the upside