{"id":88725,"date":"2024-08-05T21:32:32","date_gmt":"2024-08-06T01:32:32","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=88725"},"modified":"2024-08-05T21:35:48","modified_gmt":"2024-08-06T01:35:48","slug":"us-senators-asks-cftc-to-conclude-ban-election","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/us-senators-asks-cftc-to-conclude-ban-election\/","title":{"rendered":"US Senators Asks CFTC To Conclude Ban On Election Betting"},"content":{"rendered":"\n

Five US Senators and three House reps have issued a new round of calls to the commodities regulator to prohibit betting on the 2024 presidential election<\/a>.<\/p>\n\n\n\n

\"US
US Senators Asks CFTC To Conclude Ban On Election Betting<\/em><\/figcaption><\/figure>\n\n\n\n

Polymarket, a decentralized prediction platform, has amassed over $500 million in bets on the likely winner of the 2024 United States presidential election.
In a letter to Rostin Benham, the Chair of the Commodity Futures Trading Commission\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, dated August 5, they contend that these markets “could influence and interfere with elections and further erode public trust in democracy.”<\/p>\n\n\n\n

\n

\u201cAllowing billionaires to wager extraordinary bets while simultaneously contributing to a specific candidate or party, and political insiders to bet on elections using non-public information, will further degrade public trust in the electoral process.\u201d<\/p>\n<\/blockquote>\n\n\n\n

“We strongly encourage you to expedite the finalization and implementation of this rule to prevent the commodification of U.S. elections.”<\/p>\n\n\n\n

US Senators Jeff Merkley, Richard Blumenthal, Chris Van Hollen, Elizabeth Warren, Sheldon Whitehouse, Representatives Jamie Raskin, John Sarbanes, and Eleanor Holmes Norton signed the letter.<\/p>\n\n\n\n

\"Lawmakers\u2019
Lawmakers\u2019 letter to CFTC Chair Rostin Benham. Source: Congress<\/em><\/figcaption><\/figure>\n\n\n\n

The legislators emphasized that elections are not a “for-profit enterprise,” as such an approach would diminish the integrity of the democratic process.<\/p>\n\n\n\n

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\u201cPolitical bets change the motivations behind each vote, replacing political convictions with financial calculations.\u201d<\/p>\n<\/blockquote>\n\n\n\n

All eight legislators represent the Democratic party.
Polymarket, a decentralized prediction platform, has recorded over $500 million in wagers on the “Presidential Election Winner 2024” market and $319.7 million in bets on the “Democratic Nominee 2024” market.<\/p>\n\n\n\n

These markets are accessible to punters from all corners of the globe.<\/p>\n\n\n\n

In January 2022, Polymarket resolved a $1.4 million sanction with the CFTC for providing over 900 event-based binary options event contract markets without obtaining registration.<\/p>\n\n\n\n

The presidential election in the United States is now three months away.<\/p>\n\n\n\n

In recent weeks, presumptive Democratic candidate Kamala Harris has been closing the gap with Republican candidate Donald Trump<\/a>, the clear favorite to win the US election, according to most cryptocurrency wagering platforms.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Five US Senators and three House reps have issued a new round of calls to the commodities regulator to prohibit betting on the 2024 presidential election. Polymarket, a decentralized prediction platform, has amassed over $500 million in bets on the likely winner of the 2024 United States presidential election.In a letter to Rostin Benham, the […]<\/p>\n","protected":false},"author":59,"featured_media":67093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[21090,1972,1955],"class_list":["post-88725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2024-presidential-election","tag-cftc","tag-us-senators"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-57.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=88725"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/67093"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=88725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=88725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=88725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}