Democrats ban political betting

A coalition of Democratic lawmakers, including Senators Jeff Merkley and Elizabeth Warren, has urged the Commodity Futures Trading Commission (CFTC) to finalize a proposed rule to ban political wagering on election outcomes. They argue that such betting could undermine public trust in the electoral process, turning elections into profit-making ventures and allowing individuals with insider information to manipulate outcomes. Currently, platforms like PredictIt and Polymarket allow users to bet on political outcomes, which the lawmakers believe pose a significant threat to democracy. The CFTC is considering public comments on the proposal and has previously acted against platforms like PredictIt, which has faced scrutiny for its operations. With the 2024 presidential race intensifying, lawmakers are concerned that the growing popularity of political betting markets could lead to a commodification of elections. They emphasize that the integrity of the electoral process must be preserved to ensure a fair democratic system.