Appropos of the US Securities and Exchange Commission’s "request for public comment on exchange-traded funds (ETFs) seeking to invest in innovative asset classes or engage in novel investment strategies" (such as sports gambling).
This is insane folly. It is true that a virtue of free market based economic systems is that fools and dupes victimised by charlatins and criminals become econimic Darwin award winners, and this limits the duration and scope of pernicious manias. One mania at a time, each in its turn.
However also for a free market based system there needs to be some limit on how sharp the objects ordinary fools and idiots are allowed to play with. That's what the SEC should be –– an adult who limits the extent of injury stupidity can inflict upon itself … so that the idiots survive to become prey of some future, different plan of fleecing. Dead sheep supply no wool.
Do your job !