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The case for prediction markets as price-discovery tools rests on the wisdom of crowds.
The complication: that crowd now includes thousands of people who already know the answer, and almost nothing stops them from trading on it.
When the insider is not the trader you expect In a column published this week, commentator David Marcus frames the regulatory problem plainly.
The conventional picture of an insider trader is a wood-paneled office, Paul Revere silver, a five-thousand-dollar suit. Platforms like Kalshi and Polymarket have made that picture obsolete.
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