00:00Okay, Dustin, so the very latest from Congress, we got a bunch of people getting together to actually talk about
00:06the future of prediction markets in our government, which doesn't happen quite often. What did we learn from that?
00:12Yeah, I mean, the backstory of this, we know from the past, there's been more than a dozen bills introduced
00:16in Congress, but now we had a committee in the House, House Agricultural Committee, sit down with the Commodity Futures
00:22Trading Commission chairman, Michael Selig.
00:25Now, this sounds really boring, but like you said, this is the first time Congress is really getting its teeth
00:30into prediction markets in this kind of unified setting where a bunch of people are asking questions about it, both
00:35Democrats and Republicans.
00:37We didn't learn a whole lot, I would say. We didn't also, nothing material is coming out of this, but
00:42it was like, there was a lot of talk about prediction markets.
00:44So if you're interested in this space, it was really interesting. The most interesting part was this exchange between Representative
00:50Gabe Vasquez and Selig, the chairman, saying, you've got a prop up saying, can you identify this?
00:57Here's a bet on the Colorado Rockies and the Houston Astros game. Can you tell the difference between a sports
01:02book and a prediction market?
01:03And Selig quoted, I'm not an expert on identifying betting lines. Vasquez then goes on to say, these are kind
01:11of the same thing, right? This is the point of all this, that sports betting is happening via prediction markets,
01:16and it looks a lot the same.
01:18So we had a lot of talk about that, a lot of talk about insider trading and what's going on.
01:23There's some accusations of the Trump administration doing some of the insider trading at Polymarket and other places.
01:29So it was this interesting insight into what's going on into the minds of some rank and file members of
01:35Congress who, you know, again, we weren't talking about this three months ago, right, in Congress.
01:39This is the part that's interesting, is that the Congress and the highest levels of government are talking about prediction
01:44markets when this industry barely even existed, really, a year and a half ago.
01:48So really interesting to see the prediction markets take center stage and we get a little bit more insight. Will
01:54there be any activity?
01:55Maybe I'm bearish that we're going to see any bills passed or any of this, but there's going to still
01:59be talk and, you know, a lot of this is not, this issue is not going away on Capitol Hill
02:03or in Washington, D.C.
02:05We'll see you next time.
Comments