Crypto-friendly legislator urges CFTC to address fairness and consumer protection in unregulated election markets
Publication Time:2024-09-14 03:16:09
A judge recently ruled that the U.S. Commodity Futures Trading Commission (CFTC) had overstepped its bounds by preventing the prediction market Kalshi from offering contracts related to the American presidential election. In response, Democratic Rep. Ritchie Torres of New York, who has long supported cryptocurrency, wrote a letter to CFTC Chair Rostin Behnam advocating that the CFTC should accept the court's decision and focus on ensuring the fairness of election markets and protecting consumers' rights. Torres emphasized in his letter that many such markets have been operating for years but are often plagued by concerns around the security of trading platforms and lack of regulation. He further pointed out that delaying action could allow illegal and unregulated markets to gain more traction, thereby causing wider damage to election fairness and consumer protection. Torres urged the CFTC to consider the potential resource drain and negative impacts of further legal challenges, and to avoid exacerbating market imbalances and risks through procrastination.
CFTC
Kalshi
crypto-friendly legislator
election market
unregulated