Senator Elizabeth Warren and other Democratic lawmakers urged CFTC Chairman Rusten Benham to quickly finalize a rule that would ban event contracts that allow betting on political events, Wu reported.
The lawmakers said in the letter that election betting degrades the sanctity of the democratic process. In May, the CFTC voted to propose a rule that would ban event contracts for betting on political contests, gambling, war, terrorism and assassinations.
Event markets such as Kalshi and Polymarket allow users to bet on the outcomes of future events, including the upcoming US election.
