The Block Crypto News8 minutes ago

Published on May 10, 2024 16:45 GMT+00:00edited on May 10, 2024 16:49 GMT+00:00

The Commodity Futures Trading Commission voted to propose rulemaking prohibiting event contracts that allow bets on political events as those markets quickly expand.

Three of the CFTC's commissioners voted to approve the proposal during a meeting on Friday, and the public will be able to comment on the proposed rulemaking. 

"Contracts involving political events ultimately commoditize and degrade the integrity of the uniquely American experience of participating in the democratic electoral process," said CFTC Chair Rostin Behnam on Friday morning. "Allowing these contracts would push the CFTC, a financial market regulator, into a position far beyond its Congressional mandate and expertise. To be blunt, such contracts would put the CFTC in the role of an election cop."

Events …