Congress is moving to regulate prediction markets. They claim they are protecting the integrity of the political process. They are actually just trying to ensure that the traditional players retain their edge.

Lawmakers are targeting platforms that allow bets on election results and policy changes. They worry about insider trading. They fear that those with access to secret information are profiting from the gambling of the masses.

The corruption is not changing. It is just being moved to a new digital ledger.

The features of this decay are clear.

• The commodification of political instability.
• The institutionalization of information asymmetry.
• The rebranding of political insider trading as market activity.