Kai Risdahl

Some people would be would be would be fundamentally insulted.

Other people would say, no, that's fine.

All right.

No matter the nomenclature, let's talk about the rules.

Are there rules about what you can do about what you can cannot bet in bet on all of those, you know, standard sort of securities kinds of questions?

Well, the answer to that is yes and no.

On Polymarket, which currently exists primarily outside the United States and is crypto-native, the question of what are the rules is really a great question.

Calfee is a different creature.

Calfee exists in the United States and it's subject to regulations today.

by the CFTC and commodity market regulations, which are, you know, in some ways slightly different from what you get in traditional securities markets.

As the securities guy in this conversation, a retired professor of the law of it and a former Securities and Exchange Commission guy, how worried are you about the flexibility of regulation in this stuff?

Well, I sleep like a baby, Kai.

Yeah, but you're retired.

I got other things to worry about in this because in the great scheme of things, as a practical matter, the people that are going to polymarket pretty much know that they're operating in a market that is very, very different than a U.S.

regulated securities market.

They understand that.

There'll be disputes, but they pretty much are eyes wide open in terms of the risks that they're taking by buying into that market.

I appreciate that their eyes are wide open.

But as we've talked about on this program and as you've surely read elsewhere, these markets, whether it's polymarket culture or anything else, are expanding into very specific markets.

civil society kinds of questions about elections.