As the U.S. presidential election enters its countdown, the U.S. Commodity Futures Trading Commission (CFTC) warned the court in its legal battle with prediction platform Kalshi that election gambling could cause serious harm to the public interest, including market manipulation and the destruction of election integrity. (Previous summary: Nvidia claimed that it had not received a subpoena from the US Department of Justice, and Huang Renxun dumped another 27.6 million magnesium stocks) (Background supplement: Musk: Send a starship to Mars within 2 years and build a Mars city within 20 years. What role does the blockchain play? ? ) As the U.S. presidential election enters its countdown, the popularity of the decentralized prediction platform Polymarket’s prediction market for the 2024 U.S. presidential election has so far accumulated nearly $900 million in bets. According to data provided by the platform, the current incumbent U.S. Vice President and Democratic presidential candidate Kamala Harris leads the race with about a 50% chance of winning, attracting more than $127 million in bets. Warning: Any mention of the gaming mechanisms of Polymarket and other prediction platforms in this article is purely for research and reporting purposes. It is not recommended to participate in candidate betting involving election regulations in different countries. Gambling is illegal in most countries. CFTC warns: The wave of gambling in the US presidential election will harm the public interest! According to statistics from The Block’s data dashboard, the U.S. presidential election has significantly boosted Polymarket’s growth. The platform reached all-time highs in trading volume and active traders in August, with $472.84 million and 63,620 active traders respectively. As of September 13, the platform’s cumulative trading volume reached $1.75 billion, showing Polymarket’s impressive growth during this time. Polymarket's betting volume hit a new high in August. On the other hand, the legal battle between the U.S. Commodity Futures Trading Commission (CFTC) and market prediction platform Kalshi continues to escalate. Kalshi applied to list its presidential election contract last year, but was immediately blocked by the CFTC. Kalshi subsequently filed a lawsuit, which he won last week. However, the CFTC did not rest there and quickly filed for an emergency stay in an attempt to prevent Kalshi from immediately listing its election contracts, but failed in that case as well. However, the contracts remained online on Thursday but were temporarily suspended while the Court of Appeal considered an emergency stay. Kalshi expressed strong opposition to the suspension and said such measures would cause "irreparable harm" to Kalshi. In its latest filing, the agency rejected Kalshi's claims, saying its financial losses were "comparable to allowing election gambling in the United States." The harm to come is negligible.” The CFTC warns: Election gambling may cause serious harm to the public interest, including market manipulation and undermining election integrity. In a recent move, the CFTC proposed a blanket ban on the trading of election contracts on all trading markets, but this plan may be affected by a district court ruling. The ruling relied on a Supreme Court ruling that limited regulators’ interpretive powers, which could have wide-ranging implications for the cryptocurrency industry. Experts at Galaxy Digital note that due to the Supreme Court ruling and the lack of clear new legislation, the powers of federal agencies may be further restricted, which may have far-reaching consequences for the crypto industry. Taiwan’s on-chain gambling players are frequently caught. This reflects Taiwan’s attitude towards gambling on political outcomes. Taiwan has adopted active sanctions. In the two months before the presidential election at the beginning of the year, the prosecutors based their actions on the President and Vice President. According to Article 88-1, Items 1 and 2 of the Election and Recall Act, more than 30 gamblers involved in the election gambling on the Internet have been arrested. At that time, the prosecutor reminded that those who engage in gambling based on election results may be sentenced to up to 5 years in prison and fined NT$500,000; those who participate in gambling may be sentenced to up to 6 months in prison and fined NT$100,000. Fines are imposed, and people should not take action against the law. How Taiwan will face the development of prediction platforms such as Polymarket in the future, and how to control or embrace it, will become a topic of continued concern in the market. Extended reading: Wisdom of the crowd or illegal gambling? Set the tone for Polymarket’s analysis and discussion of the nature of the presidential election prediction market (1) Related reports Ethereum Foundation AMA highlights: When will the funds be spent, reasons for the rise of ETH, Rollup development blueprint Vitalik’s annual salary is exposed for the first time, and the Ethereum Foundation reveals expenditure details Where does the $100 million the Ethereum Foundation burns every year go? Expenditure transparency has been questioned and may be exhausted within 8 years. "The wave of encrypted gambling in the US election is coming, CFTC warns: it will become a crisis of public interest" This article was first published on DongZu BlockTempo "DongZu DongTen - the most influential blockchain news media".