Should prediction markets be open to insider trading? This question has recently sparked considerable discussion within the industry. On December 4th, the CEO of a leading exchange and the head of BlackRock met at the DealBook Summit 2025, where they discussed the emerging field of prediction markets. The exchange executive's view is quite interesting — he believes prediction markets have enormous potential and can create value for the vast majority of participants, but he also raised a thought-provoking question: as prediction markets are opened up, how should regulators balance information symmetry and market innovation? This is not only a technical issue but also a policy issue.