2024

Chair

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<ul>
  
 <li>Lawmakers point out that election betting could affect public trust in the electoral process and democracy.</li>   
 <li>Over $500 million has been risked for the 2024 election via the prediction platform Polymarket.</li>   
 <li>The CFTC is being asked to fasten it rule to prevent the use of money in&nbsp; U.S. elections.</li> 
</ul>   
<p>US lawmakers are putting more effort into limiting betting on the 2024 presidential contest. Three House members and five senators petitioned the Commodities Futures Trading Commission (CFTC) on August 5 to approve a ban on election betting.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-why-is-betting-a-threat-to-u-s-election">Why is Betting a Threat to U.S Election</h2>   
<p>In the <a href="https://www.merkley.senate.gov/wp-content/uploads/CFTC-Letter-FINAL.pdf" target="_blank" rel="noreferrer noopener">letter </a>prepared by the U.S. congress, senators have expressed their fear and the possible effects of betting in the upcoming U.S. elections.They warned that allowing betting&nbsp; could affect the integrity of the election process altering public trust in U.S. democracy.&nbsp;&nbsp;</p>   
<p>The lawmakers said that supporting&nbsp; large bets on election outcomes, particularly by wealthy individuals and political insiders, could highly remove confidence in the electoral system.</p>   
<p>They clarified that elections should not be used as a tool for profit, as this might favor financial paths&nbsp; over political beliefs. Their letter, directed to CFTC Chair Rostin Benham, calls for action to prevent the possible alteration of U.S. elections.</p>   
<h2 class="wp-block-heading" id="h-polymarket-under-scrutiny-amid-surge-in-election-bets">Polymarket Under Scrutiny Amid Surge in Election Bets</h2>   
<p>This comes as the prediction platform Polymarket has seen surge in activity, with over $500 million in bets placed on the 2024 presidential election. The platform has also attracted $319.7 million in risk on the Democratic nominee for 2024.&nbsp;</p>   
<p>According to the platform, Trump is currently leading with a 52% while Kamala is at 48%.</p>   
<figure class="wp-block-image">
 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXckfKjtCFFz1v8PiNhFsP9J6l9GqJ_VkqNTiz9ieytzPlKlq76t7dt_bwV5N5T9spV9N8Q4bCtr3E46Xm2isEnDkwX6svhleh6S90FNxiAkeD3_oERKRLgPWfHEhFhbmH0NGancknvUTJEtBYx3b3BDbJKh?key=Xa0m2bmjeS-EEVcMB96E0w" alt="">
</figure>   
<p>Source: <em><a href="https://polymarket.com/event/presidential-election-winner-2024/will-donald-trump-win-the-2024-us-presidential-election?tid=1722945833535" target="_blank" rel="noreferrer noopener">Polymarket</a></em></p>   
<p>The platform has&nbsp; faced regulatory&nbsp; investigation before, including a $1.4 million fine from the CFTC in January 2022 for operating without the required registration.</p>   
<p>As the U.S. presidential election approaches, issues over the impact of election betting are rising. Lawmakers are pressing the CFTC to act and&nbsp; implement the&nbsp; ban, focusing on broader anxieties about the influence of financial interests on democratic processes.</p>   
<h4 class="wp-block-heading" id="h-read-also"><strong>Read also:</strong></h4>   
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
  
 <li><a href="https://cryptonewsland.com/cftc-chairman-to-bolster-regulation-against-crypto/">CFTC Chairman To Bolster Regulation Against Crypto</a></li>   
 <li><a href="https://cryptonewsland.com/cftc-chastised-for-blatant-regulation-via-enforcement/">CFTC Chastised For 'Blatant Regulation Via Enforcement'</a></li>   
 <li><a href="https://cryptonewsland.com/could-bitcoin-shape-the-2024-elections/">The Potential Influence of Bitcoin in the 2024 Elections</a></li>   
 <li><a href="https://cryptonewsland.com/cftc-chair-clashes-with-sec-chair-says-ethereum-is-a-commodity/">CFTC Chair Clashes With SEC Chair, Says Ethereum Is a Commodity</a></li>   
 <li><a href="https://cryptonewsland.com/us-crypto-rules-may-take-4-years-to-get-implemented-cftc/">US Crypto Rules May Take 4 Years to Get Implemented: CFTC</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/senators-demand-cftc-action-to-ban-election-betting-before-u-s-2024-election/">Senators Demand CFTC Action to Ban Election Betting Before U.S. 2024 Election</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Senators Demand CFTC Action to Ban Election Betting Before U.S. 2024 Election

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