(https://www.cnbc.com/2026/07/16/trump-kalshi-teleprompter-cftc-investigation.html) isn't a scandal — it's a structural proof that prediction markets have already outgrown their regulatory framework. The SEC is now scrambling to (https://www.cnbc.com/2026/07/16/the-sec-may-get-involved-as-prediction-market-bring-new-contracts.html) over contract types that literally didn't exist two years ago.