Biden-Harris admin seeks to ban online election betting sites

The Commodity Futures Trading Commission (CFTC), the federal agency responsible for regulating financial derivatives under the Biden-Harris administration, has taken steps to ban election-related betting on platforms like PredictIt. The CFTC's move stems from concerns that allowing bets on political outcomes could introduce more money into an electoral system already influenced by financial interests.

Rostin Behnam, the chairman of the CFTC, has pursued rules to outlaw election betting, arguing that the agency is not equipped to monitor political markets for fraud or manipulation. Behnam warned that such bets could undermine the integrity of the American electoral process, turning it into a commodity and degrading the democratic experience, according to a report by the Washington Post.

Despite these concerns, supporters of political prediction markets insist that the fears of election interference are overstated. They argue that the data generated by these markets could provide insight, including the opinions of the general public.

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