Prediction Market Site InTrade Bans US Customers

MyFirstNameIsPaul writes "In an announcement dated Monday, Nov 26, 2012, Dublin-based InTrade stated 'that due to legal and regulatory pressures, InTrade can no longer allow U.S. residents to participate in our real-money prediction markets.' The Washington Post reports that the Commodity Futures Trading Commission filed a complaint in federal court against InTrade for 'illegally facilitating bets on future economic data, the price of gold and even acts of war,' demonstrating just how far the long arm of U.S. law can reach."

Comments

Re:Yes, a truly shocking abuse of gov't power.

[dcollins]

"Err, with rare exceptions, most national laws apply to people (citizens, residents, and visitors) within the national borders, but don't apply to people currently residing or visiting a different country. As a quick example, it's illegal for U.S. citizens, residents, and visitors to possess marijuana while in the U.S., but it's not against U.S. law for them to possess marijuana while in the Netherlands..."

But the U.S. House of Representatives did pass a bill last year to reverse exactly that.

http://www.huffingtonpost.com/2011/10/06/us-drug-policy-war-congress_n_998993.html
http://www.govtrack.us/congress/bills/112/hr313