US Lawmakers Urged CFTC to Implement a Ban on Election Betting

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A group of U.S. lawmakers, including five state senators and three house representatives, has called on the Commodity Futures Trading Commission (CFTC) to finalize a ban on election betting. This push comes in response to the activity on the decentralized prediction platform Polymarket, which has amassed over $500 million in bets regarding the likely winner of the 2024 U.S. presidential election.

US Lawmakers to Prevent Negative Impacts on Election

Per the letter, senators have expressed worries that markets enabling bets on election results could exert substantial influence and interfere with the electoral process. They contend that these platforms might diminish public confidence in democracy by generating financial motivations to manipulate or disseminate false information about elections.

Likewise, the lawmakers emphasized that the integrity of the electoral process is paramount and that allowing betting on election results could undermine this principle. In their appeal to the CFTC, the lawmakers stressed the importance of taking swift action to prevent any potential negative impacts on elections. 

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They highlighted that enabling financial interests in election results might motivate unwanted actions, such as disseminating false information and attempting to interfere with the electoral process. By prohibiting election betting, the CFTC would be making a significant move to protect the integrity of U.S. elections.

Mark Cuban Urges CFTC Regulation for Crypto

Recall that Billionaire investor Mark Cuban called on the CFTC to regulate the entire crypto industry, and urged the U.S. Congress to provide clarity, before the 2024 presidential election. He emphasized the importance of defining specific registration requirements for the crypto industry, similar to other regulated sectors. 

Mark warned that if Biden fails to secure another term, the Securities and Exchange Commission and its Chair, Gary Gensler, may face repercussions, as crypto voters could hold them responsible. According to Cuban, assigning all crypto regulation to the CTFC would be a better option. He further criticized Gensler for his strict regulatory stance, claiming that he has not adequately protected investors against fraud.

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Harris or Trump?

Last month, Mark Cuban suggested that the United States presidential candidate Kamala Harris could become an unexpected ally for the crypto industry. He believes that Harris may present a major shift in policy towards technological innovation and cryptocurrencies compared to President Joe Biden.

Interestingly, Harris has raised over $100 million in 48 hours, following President Biden’s withdrawal from the contest and nomination recommended endorsement. Team Harris claims that 1:1 million people donated these funds, of these, 62% were first-time donors.

Meanwhile, many crypto investors support the candidate Donald Trump, who is a Bitcoin-friendly candidate. Trump has promised to bring progressive crypto policies in his term and would “never” issue Central Bank Digital Currency (CBDC) in the United States. Several big names, including Tesla CEO Elon Musk and the Winklevoss twins, support the former U.S. President.

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