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Is There a Universal Regulating Regime?
I don't know what the optimal regulatory regime would be. I'm skeptical of the idea that there are these banning all insider trading or blanket rules will turn out to be the best for society in the long run. There's a potential argument that gambling in general is kind of a socially maladaptive behavior. Maybe it's good for society in some ways that people have this product they enjoy. But there are going to be people who abuse this and like you need to look that in the face if you're going to have that as part of your society.