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In a live appearance on Bloomberg TV, James Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission which regulates digital commodity and digital asset trading, insisted that America’s growing addiction to prediction markets is a net benefit for society as a whole.

During the interview, Bloomberg anchor Tim Stenovec challenged the former watchdog around the “existential question” posed by prediction markets.

“I have people getting in touch with me on the Bloomberg terminal all the time who are like, ‘I do not want my kids exposed to this stuff,’ like the gamification of everything in society,” Stenovec said. “They don’t see that as a good thing.”

Giancarlo — who now has a cushy life advising the companies he used to regulate, including Polymarket — replied that “like it or not, people like to gamble.”

“Human nature is human nature,” Giancarlo said. “I think there’s a social benefit in prediction markets.”

For the former regulator, that benefit evidently comes from the fact that people are gambling billions of dollars on things like weather patterns and oil prices.

“People like certainty. Why, during a weather condition, is everybody listening to Bloomberg’s weather? Because they want some predictability of the weather,” Giancarlo enthused. “Heretofore there’s been no predictability in things that are actually more important than the weather — interest rates, gas prices, the outcome of elections — those are important things to a lot of people.”

Though Giancarlo said he’s in favor of strong federal regulations around betting markets, he said allowing them to proliferate provides useful data: the so-called “wisdom of the crowd.”

“If you can pull the wisdom of the crowds of tens of thousands or hundreds of thousands, it’s a lot better than your average poll which polls maybe 800 people,” he continued. “I think there’s a social benefit in this, whether you participate in them or not, you may like the data that comes out.”

Of course, Giancarlo’s effusive praise for the gamification of weather patterns deserves some scrutiny. For starters, as the sitting chair of Polymarket’s advisory board, the prediction market guru is about the farthest thing from a neutral messenger.

Nevermind the fact that the “wisdom of the crowd” phenomenon is hotly contested, with critics arguing prediction markets are actually driven by a tiny number of bettors, are heavily weighted toward high rollers, and incentivize insider trading and mass disinformation campaigns.

A recent case-in-point came during the recent presidential elections in Brazil, where far-right candidate Flávio Bolsonaro was overwhelmingly pegged as the favorite on Polymarket — confidence which held up until the moment Luiz Inácio Lula da Silva emerged as the victor.

More on gambling: Gambling Addiction Group in Shambles After It Turns Out It’s Funded by Kalshi

Crystal Pharmatech, a science-driven CRO/CDMO specializing in solid-state research, preformulation studies, and formulation development and manufacturing for small-molecule drugs, today announced that installation of the ELDICO ED-1 electron diffractometer at its Suzhou, China R&D center is complete. The instrument, the first ELDICO ED-1 installed in the Asia-Pacific region, is now operational, and MicroED services on the ED-1 are open to clients worldwide.

Eldico ED-1. Image Credit: ELDICO Scientific AG

Crystal Pharmatech launched MicroED services in 2021, using a cryo-electron microscope (cryo-EM) for data collection. The ED-1 now adds a dedicated, automated platform in the company’s own laboratory:

• Built for diffraction. The ED-1 is designed specifically to collect electron diffraction data from small-molecule crystals, with a horizontal beam path, a 5-axis goniometer, and a DECTRIS QUADRO hybrid pixel detector
• Automated. Automated calibration and data processing, and support for unattended operation, allow more crystals and more forms to be measured in less time
• In-house. The instrument sits beside Crystal Pharmatech’s screening and crystallization teams, making MicroED a routine step in solid-form screening and selection

Working with an ELDICO Scientific AG team on site, Crystal Pharmatech had the instrument running and collecting its first diffraction data within three days of installation. The ED-1 is housed on the first floor of the company’s Crystal Building, in a room originally designed as a livestream studio. With MicroED inside, the sign at its entrance, “Crystal Live”, takes on a new meaning: bringing crystals to life by revealing their structures. Clients and partners visiting the Crystal Campus in Suzhou are welcome to see the instrument in operation.

Forms identified in a screen can now be taken directly to a crystal structure, without growing large single crystals. Clients can request:

• Crystal structures and absolute configuration from sub-micron powders, from as little as 1 mg
• Identification of hydrates, solvates, salts, and cocrystals, and of individual phases in mixtures
• Structurally resolved polymorph landscapes to support form selection, patent and regulatory filings, and crystal structure prediction (CSP)

Standard results are delivered in one to two weeks. An expedited service delivers analysis and report in as little as 48 hours after samples and written approval are received. Projects are covered by Crystal Pharmatech’s No Structure, No Fee commitment under agreed terms.

“Five years after launching MicroED on a cryo-EM instrument, we now have a dedicated, automated electron diffractometer in our own laboratory,” said Dr. Alex Chen, Co-founder, Chairman and CEO of Crystal Pharmatech. “It was collecting data within three days of installation, and I can already see it becoming a workhorse for our solid-state research. Clients can now ask for the structure of each form a screen finds, quickly and on very little material.”

We’re pleased to see the ED-1 in service at Crystal Pharmatech. Their team brings extensive experience in solid form research, and the instrument’s automated operation makes it easier to include crystal structure determination in their everyday screening work. This is exactly how we intended the ED-1 to be used, helping scientists make informed decisions during pharmaceutical development.”

Dr. James Berwick, CEO, ELDICO Scientific AG