US lawmakers call for CFTC to ban election-related prediction activities.
Foresight News reported that several U.S. lawmakers, including Senator Elizabeth Warren, have called on the U.S. Commodity Futures Trading Commission (CFTC) to ban election-related prediction activities. The lawmakers did not specifically mention any platform or cryptocurrency in their letter, but trading volume related to elections on Polymarket reached a historic high of $100 million in July.
The lawmakers stated in the letter that election betting undermines the sanctity of the democratic process and could shift voters' motivations from genuine political beliefs to economic incentives, leading to significant moral issues. They also expressed concerns that political insiders could exploit non-public information for personal gain, further eroding public trust in the electoral process.
