A sane system would just throw him in jail until his illegal betting market implements KYC.
Polymarket US is starting to roll out in the US and other countries where Polymarket cannot operate, but that's a separate company and they do abide by KYC laws similar to Kalshi.
This is a hackneyed neoliberal fundamentalist myth.
If power is concentrated anywhere, it should only ever be in government - where it's answerable to the public electorally.
Governments become corrupt when they are weak, and turn to serving private interests rather than the public they represent.
Corruption in general is far more prolific and fruitful where government is weak (the neoliberal ideal) - which is one of the reasons corrupt private actors look to weaken government - for instance by undermining public trust in it or lobbying for its parasitization by private entities. Or by stuffing their acolytes minds with foolish neoliberal fundamentalist myths.
If CISOs can be held criminally liable for data breaches, the rest of C-suite can be held criminally liable for their own decisions as well.
In this case, the guy knowingly operates a betting market that illegally does not require KYC.
It would make more sense to campaign for better background checks on WhatsApp. A case can be made that a chat system with discoverable identities should have better safeguards. If the incentive to make a threat is financial gain rather than a pure desire to kill, restricting the means in which a threat can even be made (or identifying the participants) would help silence the noise and give actionable insights to law enforcment.
I’m generally opposed to KYC and similar measures, but if a platform is already collecting massive amounts of user data, it should at least use that data to help protect the people who become vulnerable because of it.
There is a fundamental architectural problem here with no easy band-aid fix, and the companies involved are desperate to deny it because their founders have personal fortunes riding on it.
The lunacy of the mysticism of money.
why do all NBA players seem so tall?
loads of banks all over the world now demands to know what you plan to spend the money on just to withdraw a bit cash. Some will even deny you saying "well.. you shouldnt buy a new car anyway". all the KYC shit. how about just no?
A world in which these people bet on heinous things while insider trading/influencing those very things.
Privacy in gambling or insider trading is not a constitutional right.
<facepalm>
A capricious system that interprets based on whim, politics and influence is a large part of how we got here.
People like this and their less than moral path in which they further their endeavors succeed specifically because of this environment.
Polymarket is basically a platform to monetize petty stuff while also being able to monetize bad stuff. There is soooo much pressure to monetize bad stuff that once you poke a hole it's an uncontrolled leak. Polymarket recognized this, used it to scale, and then wisely used that money to get the legitimization and buy in that they needed to make the system (capriciously) say "this is fine for now you can keep going".
They basically pulled a "actually Mr. Banker, I owe you so much money that it's your problem" but for insider information. The other metaphor you could use if people with a steady supply of prescription opioids don't turn to street drugs.
If CISOs can have personal liability for data breaches, CEOs can have personal liability for intentionally creating an illegal platform.
Instead we reward these people with billions for degrading the fabric of society.
Do you seriously think fraudulent Xbox live transactions are on the same level of the heinous insider trading going on in betting markets?
Or do you just think C-suite should be legally immune from accountability overall?
Polymarket's decentralized and anonymous nature was an intentional choice by its creator precisely because it enables illegal, anonymous transactions.
It's the responsibility of the lawmakers to make them illegal or force them to do kyc.
If you fantasize about China or Russia way of doing things you should move there.
There's nothing sane about KYC, it's a fundamental assault on the right to financial privacy. And the people with power can always bypass it; only the little people suffer.
The type of person at the top of a hierarchical system is always a direct reflection of its play rules. In late-stage internet capitalism you win by being the most unhinged and un-emphatic. Today's young adults grew up on twitter, 4chan, video game gambling and with influencers telling them that the only thing that matters is material wealth and status. This culture has moved more and more into the mainstream in the last decade.
This isn't a thing.
Capitalism is just capitalism.
That seems to be assuming a world where CEOs actually face meaningful consequences and that feels like a good start.
Because no ethical person would accumulate a billion dollars. An ethical person would share the wealth they're creating with those around them instead of hording that wealth.
What can you do with 100 million that you couldn't do with 10?