A prime Wall Road regulator has proposed outlawing election betting within the U.S. derivatives markets, with officers warning that the exercise poses a menace to the sanctity of American elections.
The Commodity Futures Buying and selling Fee, which is charged with regulating the huge and complicated derivatives markets, voted 3-2 on Friday to difficulty a brand new rule proposal that might ban so-called occasion contracts that successfully act as wagers on political elections. The plan would additionally prohibit these contracts associated to sporting occasions and even awards ceremonies just like the Oscars.
And from the horse’s mouth:
“Contracts involving political occasions in the end commoditize and degrade the integrity of the uniquely American expertise of taking part within the democratic electoral course of,” CFTC Chair Rostin Behnam mentioned. “Permitting these contracts would push the CFTC, a monetary market regulator, right into a place far past its Congressional mandate and experience. To be blunt, such contracts would put the CFTC within the function of an election cop.”
Behnam was joined in supporting the proposal by fellow Democratic Commissioners Kristin Johnson and Christy Goldsmith Romero.
Right here is the total Politico article. How are you going to put such individuals accountable for issues? What else do they wish to cease us from doing? Is it so tough for them to think about a world the place the election forecasts we are able to discover on Predictit — amongst different sources — merely proceed and that’s completely effective, because it has been for years?
