Polymarket and Kalshi Are National Security Threats. Trump's CFTC Just Looks Away.

Foreign adversaries read the trades like a battle plan, and the lone regulator left to stop them takes his cues from the people cashing in.

A soldier walked into a classified planning room for a covert mission to capture a foreign head of state. He walked out $400,000 richer. He placed his wagers days before the raid. He cashed in hours after the news broke. Then he tried to delete his account when reporters started asking questions.

This is not a thriller plot. This is what federal prosecut…