Polymarket’s lawsuit, a delightful spectacle, pits state authority against the CFTC for dominion over prediction markets. Another 'innovation' demanding regulatory clarity. One recalls the glorious chaos of 19th-century 'wildcat banking,' where over 30 states issued their own dubious currencies. Now, instead of banknotes, we debate who regulates betting on future events.
The CFTC, ever eager, claims federal oversight. States, naturally, prefer their local fiefdoms. This legal skirmish, potentially costing tens of millions, will decide if America prefers 50 distinct regulatory flavors or one ponderous federal hand. As Adam Smith noted, "It is not from the benevolence of the butcher... but from their regard to their own interest." Regulators, too, have interests.
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