Political betting site PredictIt to shut down after CFTC withdraws approval
I know many people strongly believe in rational market theories. For these people this sort of betting site isn't just a betting site: it is the mechanism by which they engage in understanding politics and their primary means of political discourse. Beyond that, it is also an incentive for their own political engagement. They have several mathematical models that are strongly suggestive that they are right to have this belief.From that framing the government should have no authority whatsoever to take action against PredictIt: doing so is a gross violation of natural rights. To me this seems like an error comparable to restricting freedom of religion,  detaining someone so as to prevent them from voting, or the burning of an intellectuals book and the jailing of them so as to prevent the spread of their ideas. It seems an abomination.What is the justification? Just that there was gambling or is there a deeper fundamental problem that I am missing? Gambling to me seems more fundamental to reality than breathing. Everyone engages in it all the time, but we just don't call it that when we think it might be a gambling category which is of benefit to society.If there is no justification - what paths can be pursued to permanently sunder the governments ability to take this sort of action in the future? I say all this with no sense of judgement for the CFTC; clearly this is within their mandate under reasonable interpretations. Rather, I think other mandates - more important ones - supersede theirs and should be restricting their authority.