Some things politicians do are real head-scratchers and it often comes down to priorities–or misguided priorities. One of our US Senators, Adam Schiff, makes me feel like I have fleas there is so much scratching going on. I’ll use this post as an occasional catchall bucket to track priorities starting with this one from the WSJ:
Sen. Adam Schiff (D., Calif.) on Tuesday introduced legislation seeking to explicitly ban any entity regulated by the Commodity Futures Trading Commission from listing a contract “that involves, relates to, or references” terrorism, assassination, war or death.
Federal law gives the CFTC the authority to prohibit event contracts involving war, terrorism, assassination or any activity that violates federal or state laws or is against the public interest. The bill seeks to explicitly ban such contracts from being listed, according to Sen. Schiff’s office.
“With regulators turning a blind eye, prediction markets have rapidly become the Wild West,” Sen. Schiff said in a statement. “As the CFTC seeks to rewrite the rules of the road, Congress must make clear that these death bets are unequivocally prohibited, and this bill would do just that.”
Like this is in the Top 50 things our senator should be worrying about. There’s massive fraud taking place all over the country including our Golden State. Energy prices are rising especially including our Golden State. Critical Federal employees are working without pay. The roads are a mess and transit is broke. But we should be concerned about prediction markets? Even the CFTC thinks this is misguided head-in-the-sand thinking.
CFTC Chair Michael Selig came out swinging in favor of prediction markets in February, saying he sees their platforms as a way for society to channel the wisdom of crowds for useful information, offering a check on news media and other gatekeepers.
Watch this space for more questions on priorities.



