Sens. Elizabeth Warren along with other Democratic lawmakers urged U.S. Commodity Futures Trading Commission Chair Rostin Behnam to "promptly" finalize a rule that would ban event contracts that allow bets on political events. 

Election bets "cheapens the sanctity of our democratic process," the lawmakers said in a letter on Monday.

"Political bets change the motivations behind each vote, replacing political convictions with financial calculations," the lawmakers said in the letter. "Allowing billionaires to wager extraordinary bets while simultaneously contributing to a specific candidate or party, and political insiders to bet on elections using non-public information, will further degrade public trust in the electoral process."

"We urge you to promptly finalize and implement …