You're right, I had been using a definition of regulatory capture that doesn't really fit what I'm seeing when I look it up. I learned it to mean capture of market share through regulation, either by getting your competitors banned, forced creation of consumers through law (like car seats/helmets/paper straws). Maybe someone knows what that is called?
Instead, it means regulatory agencies become dominated by the interests of those they were originally charged to regulate.
I still speculate this raid to be Kalshi/Robinhood/whomever to be going after polymarket at a prime time- the concept of betting on events got huge and the industry of event-hedging directly (avoiding the stock market proxy) no longer needs to band together to get the idea out- now it's a matter of getting all the consumers to choose your particular product vs a competitors.
Instead, it means regulatory agencies become dominated by the interests of those they were originally charged to regulate.
I still speculate this raid to be Kalshi/Robinhood/whomever to be going after polymarket at a prime time- the concept of betting on events got huge and the industry of event-hedging directly (avoiding the stock market proxy) no longer needs to band together to get the idea out- now it's a matter of getting all the consumers to choose your particular product vs a competitors.