US Senators Urge CFTC to Ban Betting on 2024 Presidential Election
Five United States Senators and three House representatives have called for a ban on betting activities linked to the upcoming 2024 presidential election.
The bipartisan group consists of prominent figures such as Senators Jeff Merkley, Richard Blumenthal, Elizabeth Warren, and Representatives Jamie Raskin and John Sarbanes, among others.
In a recent letter addressed to Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), the lawmakers highlighted the perilous influence these betting markets could exert on the electoral landscape.
The group expressed concerns over the possibility of billionaires leveraging large wagers to sway election outcomes, thereby eroding public trust in the democratic process.
The legislators underscored that elections should not be reduced to mere profit-making ventures, as this would fundamentally compromise the integrity of the electoral system.
“Political bets change the motivations behind each vote, replacing political convictions with financial calculations.”
By permitting the commodification of U.S. elections, they argued, the very essence of democracy stands to be undermined.
Last year, @RepRaskin & I warned betting on elections could undermine trust in our democratic institutions & further incentivize dark money in politics. Today, I joined my colleagues in support of @CFTC's proposed rule to ban betting on election outcomes. https://t.co/fygd9kLecS
— Rep. John Sarbanes (@RepSarbanes) August 5, 2024
Moreover, the representatives drew attention to the alarming statistics emanating from platforms like Polymarket, where millions of dollars have been wagered on various election-related markets.
The platform’s history of regulatory infractions, including a substantial fine imposed
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