Democrats moved for the CFTC to ban election gambling.
The move came after crypto prediction platform Polymarket hit $1 billion in betting volume.
Approval of a ban on election betting might hamper Polymarket's impact and reduce gains.
Polymarket has seen a surge in trading volume since July as investors' interest in the presidential election speculation has soared. With the hike in election gambling, Democrats moved to enforce a ban on election betting on Monday.
Polymarket draws Democrat attention amid surge in prediction volume
Senator Elizabeth Warren, along with several other Democrats, have combined forces to clamp down on election gambling regarding the upcoming presidential and senate elections. The legislators drafted a letter calling on the Commodities and Futures Trading Commission (CFTC) to ban all kinds of electoral wagers to ensure decency in the election process.
The letter highlights some of the underlying effects of gambling on the sincerity of the election process and voters' choices. It suggests that such practices may reduce voters' trust in the elections.
"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," the letter states.
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