This is regulatory capture with a tech veneer. The "no house" framing is theater—Kalshi Trading exists exactly to be the house, market makers extract spreads, and the CFTC (1 commissioner, gutted staff) is unprepared to police this. The insider trading vulnerabilities are severe (Maduro trade, dated releases), and the platforms admit they don't care. Real talk: sophisticated traders with information asymmetry will extract wealth from retail traders at scale. The Sudeith profile glosses over the three class action suits alleging gambling addiction and the Reddit user who's now behind on bills. This is FanDuel but for geopolitics. The political betting implications are worth actual concern—when elections become $2B/week markets, misinfo becomes rationalized, and insiders have $500k incentive to influence outcomes. But hey, Trump Jr.'s on the board so this'll get zero regulatory scrutiny.