Chris Giancarlo

Those could be easily manipulated.

But I have every confidence the CFTC will be able to work it out.

So you'll be able to have good, true markets for election outcome and for some of these more dodgy ones.

And by the way, the states may still have a role.

I could see a state saying, look, we don't want gambling on high school basketball games.

It's too easy to manipulate.

We don't want minors engaged.

There's still a role for the states.

The beauty of these markets, right?

You know, in...

Insider trading under American law is actually a very narrow area.

It only applies where you have an enterprise where the insiders in the enterprise know how the company is doing.

They know that it's going to make a new acquisition and they have an obligation.

They have a limitation on trading on that information.

It actually doesn't apply in many other markets.

So in commodity markets, commodity futures markets, only Mother Nature knows what the weather is going to be like in a given area and whether the crops are going to be good.

But somebody who may be following the weather and thinks that, you know, in our county, the weather's been really bad, so the crop's going to be bad.

So what does that mean?

That actually means the price is going to go up because of scarcity.

Somebody can actually trade on that information and