Bobby Allyn

Or what you know, how will sort of commodities futures like crude oil and soybeans, how will those prices move forward?

up and down, right?

And so they weren't regulated as a security like the stock market is, but they were regulated as a commodity, as a type of derivative, as a future contract.

And so the CFTC regulates them, right?

And, you know, they...

really wanted to allow people to wager on elections and to wager on sports.

And the Biden administration fought them hard on this.

But then what was the huge rocket booster for Kaoshi was when they sued their regulator, they sued the CFTC and said, hey guys, we should be able to let people bet on elections.

And in a really surprising decision, the federal appeals court agreed and they said,

Look, right now, the concrete harm of letting people turn elections into a casino is just kind of speculative.

Like there's no actual proof this is going to interfere with elections.

So the court said, for now, it's fine.

Let's allow it.

And that was in 2024.

And since then, they have just really multiplied the number of markets and the type of markets that are available.

To give you a factoid, during the Biden administration, there was around 15 to 20 of these markets available for people to bet on.

And today, there's more than 400,000.

So that court case really opened the door to not just elections, but to being able to bet on absolutely anything.

And the Trump administration got in and dropped investigations, made regulations much more lax, and installed someone, Michael Selig, to chair the CFTC, who is a huge fan of the industry.

And we do know from all available evidence that the Trump administration wants to see this industry thrive.