2024

Chair

Read

<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

Table of Contents

Crypto News Land

Other articles published on Aug 6, 2024

Arbitrum teams up with Ubisoft to launch new game

Fincra launches new HQ at a historical landmark in Ikoyi, Lagos

London-Based Capula Investment Reveals $464M in Bitcoin ETFs

Ethereum Plummets 8.5% Following ETF Outflows: Analyzing the Market Reaction

Trump’s $35 Trillion Debt Plan: Analysing The Impact on Cryptos

Hong Kong Police Arrest Four, Including 14-Year-Old, for Counterfeit Crypto Scam

Join our free newsletter for daily crypto updates!