Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»CFTC votes on proposed rule banning betting on political events through event contracts
ADOPTION NEWS

CFTC votes on proposed rule banning betting on political events through event contracts

By Crypto FlexsMay 11, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
CFTC votes on proposed rule banning betting on political events through event contracts
Share
Facebook Twitter LinkedIn Pinterest Email

The Commodity Futures Trading Commission voted to propose rulemaking to ban event contracts that allow betting on political events as the market expands rapidly.

Three of the CFTC’s commissioners voted to approve the proposal at Friday’s meeting, and the public can comment on the proposed rulemaking.

“Contracts tied to political events ultimately commodify and degrade the integrity of the unique American experience of participating in the democratic election process,” CFTC Chairman Rostin Behnam said Friday morning. “Allowing these contracts would place the CFTC, the financial markets regulator, in a position far beyond the authority and expertise of Congress. To put it bluntly, such contracts would force the CFTC to assume the role of election police.”

Event markets like Kalshi and Polymarket allow users to bet on the outcome of upcoming events, from the total snowfall in New York City this month to the severity of the likelihood of a recession this year. Last year, the CFTC released a report. Bespeak Oppose Kalshi’s contract that allows people to bet on political events. Kalshi accused the CFTC of exceeding its authority; apply At Paradigm, an investment company.

Behnam said there has been a “significant increase” in event contracts listed on CFTC-registered exchanges starting in 2021.

“Given this increase, more event contracts were listed for deals in 2021 than have been listed over the past 15 years – and this has continued to be true in every year since,” Behnam said.

The proposal states that contracts for events related to gaming, war, terrorism and assassinations will not be listed on the trade list or permitted to be cleared, Behnam added, adding that it is “against the public interest”.

“To be clear, this means that even contracts pertaining to the outcome of a political contest, such as an election, cannot be placed on a trade list or permitted to be cleared under the proposed rules,” Behnam said.

Commissioner Caroline Pham said the proposed rulemaking was “wrong.” palm It also asked the Government Accountability Office (GAO), an independent government agency, to conduct a study and make recommendations.

“I tell you that, despite a road paved with good intentions to get here, today’s event contract rulemaking is yet another example of how far the Commission has strayed from the requirements of the Administrative Procedure Act and the Constitution, and how petty the Commission appears to be. It’s painful, it’s about fairness and due process under the law,” Pham said.

Updated May 10 at 1:50 PM ET to include Director Pham’s comments to GAO.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

COREWEAVE is a NVIDIA GB200 Super Chip that achieves recorded MLPERF benchmarks.

June 6, 2025

The robot of 1x Technologies aims to revolutionize ordinary work with AI.

June 5, 2025

The Ether Leeum Foundation summarizes a comprehensive financial policy.

June 5, 2025
Add A Comment

Comments are closed.

Recent Posts

Bitcoin Is An Unreplicable Lifeline In Authoritarian Regimes

June 6, 2025

COREWEAVE is a NVIDIA GB200 Super Chip that achieves recorded MLPERF benchmarks.

June 6, 2025

Bitcoin dives for less than $ 102K in fading momentum and macroscopic uncertainty.

June 6, 2025

Arca EXEC writes a scratch on Circle after IPO

June 6, 2025

The robot of 1x Technologies aims to revolutionize ordinary work with AI.

June 5, 2025

Trump is a magical Eden encryption wallet tie, Trump coin deep 13%

June 5, 2025

Bitcoin prices slide again, causing new fear of deeper modifications.

June 5, 2025

The Ether Leeum Foundation summarizes a comprehensive financial policy.

June 5, 2025

Using BCC mining increases daily passive income of $ 57,700

June 5, 2025

Ray for the square and scalable AI solutions and RAG pipelines on all scale

June 5, 2025

Economist Henrik Zeberg says that Altcoins is trying to start an explosive stage and updates Outlook and Under-The Radar Crypto for Dogwifhat.

June 5, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Bitcoin Is An Unreplicable Lifeline In Authoritarian Regimes

June 6, 2025

COREWEAVE is a NVIDIA GB200 Super Chip that achieves recorded MLPERF benchmarks.

June 6, 2025

Bitcoin dives for less than $ 102K in fading momentum and macroscopic uncertainty.

June 6, 2025
Most Popular

Veteran trader Peter Brandt identifies Bitcoin’s descending channel pattern.

July 20, 2024

How Sui Network’s 4.6 billion trading volume determines SUI’s next move

November 25, 2024

Bitcoin gains slightly as the network processes its billionth transaction.

May 6, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.