House Democrats Demand CFTC Ban on Political Event Betting
CryptoNewsTerminal Staff05 Aug, 2024
House Democrats Demand CFTC Ban on Political Event Betting
House Democrats, led by Senator Elizabeth Warren, are urging the Commodity Futures Trading Commission (CFTC) to finalize a rule prohibiting betting on political events. They argue that betting on political outcomes undermines "the integrity of our democratic processes." The lawmakers demand the CFTC implement a rule banning prediction market trading on political events "as soon as possible." Currently, platforms like Polymarket, Zeitgeist, and Kalshi offer betting services on election-related activities. However, this practice has raised concerns among policymakers about its potential to influence election outcomes and public trust in democracy. The CFTC has been considering a ban on political betting for some time, but a final rule has yet to be implemented. House Democrats' latest push signals growing pressure on the agency to take action.
