{"id":20368,"date":"2024-08-05T10:46:11","date_gmt":"2024-08-05T14:46:11","guid":{"rendered":"https:\/\/www.merkley.senate.gov\/?p=20368"},"modified":"2024-09-09T10:47:34","modified_gmt":"2024-09-09T14:47:34","slug":"dems-urge-cftc-to-finalize-elections-trading-ban","status":"publish","type":"post","link":"https:\/\/www.merkley.senate.gov\/es\/dems-urge-cftc-to-finalize-elections-trading-ban\/","title":{"rendered":"Dems Urge CFTC To Finalize Elections Trading Ban"},"content":{"rendered":"

Law360<\/a><\/p>\n\n\n\n

A group of Democratic lawmakers urged the\u00a0U.S. Commodity Futures Trading Commission<\/a>\u00a0on Monday to finalize and implement its proposed rule to ban trading on the outcome of elections.<\/p>\n\n\n\n

In May, a divided CFTC\u00a0voted to approve<\/a><\/strong>\u00a0a proposed rule, which doubled down on its contested position that this activity is illegal gambling. The extended deadline for public comments is later this week.<\/p>\n\n\n\n

“Election gambling fundamentally cheapens the sanctity of our democratic process,” the Democrats’ letter to CFTC Chair Rostin Behnam reads. “Political bets change the motivations behind each vote, replacing political convictions with financial calculations.”<\/p>\n\n\n\n

The letter was signed by Sens. Jeff Merkley, D-Ore.; Sheldon Whitehouse, D-R.I.; Chris Van Hollen, D-Md.; Richard Blumenthal, D-Conn.; and Elizabeth Warren, D-Mass. Reps. Jamie Raskin, D-Md.; John Sarbanes, D-Md.; and Eleanor Holmes Norton, D-D.C., also signed.<\/p>\n\n\n\n

“Specifically, we support the commission in finding that the outcome of a political contest, including an election, constitutes ‘gaming,’ and is as such contrary to the public interest and may not be listed on CFTC regulated markets,” the letter continues. “Political event contracts do not serve the economic purpose of futures markets, and the commission does not have the congressional mandate to regulate election and campaign activity.”<\/p>\n\n\n\n

The proposed rule, which the agency’s Democrats voted for and Republicans opposed, seeks to drill down on the types of event contracts that fall under the Commodity Exchange Act and “are contrary to the public interest,” according to the agency.<\/p>\n\n\n\n

This is an issue the agency has been grappling with for a while and is the subjection of ongoing litigation.<\/p>\n\n\n\n

The agency is\u00a0currently facing a lawsuit<\/a><\/strong>\u00a0from online trading platform KalshiEx LLC after it told the company it could not let its users bet on the future party control of Congress.<\/p>\n\n\n\n

Additionally, last year election betting platform PredictIt won a\u00a0temporary injunction<\/a><\/strong>\u00a0from the Fifth Circuit to prevent the agency from essentially shutting down its site. The case is now\u00a0back at the district level<\/a><\/strong>.<\/p>\n\n\n\n

The CFTC did not immediately respond to a request for comment about when it expects the proposed rule to be finalized.<\/p>\n\n\n\n

<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Law360 A group of Democratic lawmakers urged the\u00a0U.S. Commodity Futures Trading Commission\u00a0on Monday to finalize and implement its proposed rule to ban trading on the outcome of elections. In May, a divided CFTC\u00a0voted to approve\u00a0a proposed rule, which doubled down on its contested position that this activity is illegal gambling. The extended deadline for public […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[47],"class_list":["post-20368","post","type-post","status-publish","format-standard","hentry","category-in-the-news","tag-protecting-consumers-taxpayers-and-the-economy"],"acf":[],"yoast_head":"\nDems Urge CFTC To Finalize Elections Trading Ban - Merkley<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.merkley.senate.gov\/es\/dems-urge-cftc-to-finalize-elections-trading-ban\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dems Urge CFTC To Finalize Elections Trading Ban - Merkley\" \/>\n<meta property=\"og:description\" content=\"Law360 A group of Democratic lawmakers urged the\u00a0U.S. Commodity Futures Trading Commission\u00a0on Monday to finalize and implement its proposed rule to ban trading on the outcome of elections. In May, a divided CFTC\u00a0voted to approve\u00a0a proposed rule, which doubled down on its contested position that this activity is illegal gambling. The extended deadline for public […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.merkley.senate.gov\/es\/dems-urge-cftc-to-finalize-elections-trading-ban\/\" \/>\n<meta property=\"og:site_name\" content=\"Merkley\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-05T14:46:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-09T14:47:34+00:00\" \/>\n<meta name=\"author\" content=\"Lauren Denham\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lauren Denham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/\"},\"author\":{\"name\":\"Lauren Denham\",\"@id\":\"https:\/\/www.merkley.senate.gov\/#\/schema\/person\/de92de2a17fa790d379e7caad8e6ae01\"},\"headline\":\"Dems Urge CFTC To Finalize Elections Trading Ban\",\"datePublished\":\"2024-08-05T14:46:11+00:00\",\"dateModified\":\"2024-09-09T14:47:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/\"},\"wordCount\":360,\"keywords\":[\"Protecting Consumers, Taxpayers, and the Economy\"],\"articleSection\":[\"In the News\"],\"inLanguage\":\"es-MX\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/\",\"url\":\"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/\",\"name\":\"Dems Urge CFTC To Finalize Elections Trading Ban - Merkley\",\"isPartOf\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/#website\"},\"datePublished\":\"2024-08-05T14:46:11+00:00\",\"dateModified\":\"2024-09-09T14:47:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/#\/schema\/person\/de92de2a17fa790d379e7caad8e6ae01\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/#breadcrumb\"},\"inLanguage\":\"es-MX\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.merkley.senate.gov\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Dems Urge CFTC To Finalize Elections Trading Ban\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.merkley.senate.gov\/#website\",\"url\":\"https:\/\/www.merkley.senate.gov\/\",\"name\":\"Merkley\",\"description\":\"Merkley\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.merkley.senate.gov\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es-MX\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.merkley.senate.gov\/#\/schema\/person\/de92de2a17fa790d379e7caad8e6ae01\",\"name\":\"Lauren Denham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es-MX\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/25a4ee8e86f2359e4cde5aff12e7978900940e3e153b479f354e5fb6cb5c8013?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/25a4ee8e86f2359e4cde5aff12e7978900940e3e153b479f354e5fb6cb5c8013?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/25a4ee8e86f2359e4cde5aff12e7978900940e3e153b479f354e5fb6cb5c8013?s=96&d=mm&r=g\",\"caption\":\"Lauren Denham\"},\"url\":\"https:\/\/www.merkley.senate.gov\/es\/author\/lauren-denham\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Dems Urge CFTC To Finalize Elections Trading Ban - Merkley","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.merkley.senate.gov\/es\/dems-urge-cftc-to-finalize-elections-trading-ban\/","og_locale":"es_MX","og_type":"article","og_title":"Dems Urge CFTC To Finalize Elections Trading Ban - Merkley","og_description":"Law360 A group of Democratic lawmakers urged the\u00a0U.S. Commodity Futures Trading Commission\u00a0on Monday to finalize and implement its proposed rule to ban trading on the outcome of elections. In May, a divided CFTC\u00a0voted to approve\u00a0a proposed rule, which doubled down on its contested position that this activity is illegal gambling. The extended deadline for public […]","og_url":"https:\/\/www.merkley.senate.gov\/es\/dems-urge-cftc-to-finalize-elections-trading-ban\/","og_site_name":"Merkley","article_published_time":"2024-08-05T14:46:11+00:00","article_modified_time":"2024-09-09T14:47:34+00:00","author":"Lauren Denham","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lauren Denham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/#article","isPartOf":{"@id":"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/"},"author":{"name":"Lauren Denham","@id":"https:\/\/www.merkley.senate.gov\/#\/schema\/person\/de92de2a17fa790d379e7caad8e6ae01"},"headline":"Dems Urge CFTC To Finalize Elections Trading Ban","datePublished":"2024-08-05T14:46:11+00:00","dateModified":"2024-09-09T14:47:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/"},"wordCount":360,"keywords":["Protecting Consumers, Taxpayers, and the Economy"],"articleSection":["In the News"],"inLanguage":"es-MX"},{"@type":"WebPage","@id":"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/","url":"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/","name":"Dems Urge CFTC To Finalize Elections Trading Ban - Merkley","isPartOf":{"@id":"https:\/\/www.merkley.senate.gov\/#website"},"datePublished":"2024-08-05T14:46:11+00:00","dateModified":"2024-09-09T14:47:34+00:00","author":{"@id":"https:\/\/www.merkley.senate.gov\/#\/schema\/person\/de92de2a17fa790d379e7caad8e6ae01"},"breadcrumb":{"@id":"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/#breadcrumb"},"inLanguage":"es-MX","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.merkley.senate.gov\/dems-urge-cftc-to-finalize-elections-trading-ban\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.merkley.senate.gov\/"},{"@type":"ListItem","position":2,"name":"Dems Urge CFTC To Finalize Elections Trading Ban"}]},{"@type":"WebSite","@id":"https:\/\/www.merkley.senate.gov\/#website","url":"https:\/\/www.merkley.senate.gov\/","name":"merkley","description":"merkley","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.merkley.senate.gov\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es-MX"},{"@type":"Person","@id":"https:\/\/www.merkley.senate.gov\/#\/schema\/person\/de92de2a17fa790d379e7caad8e6ae01","name":"Lauren Denham","image":{"@type":"ImageObject","inLanguage":"es-MX","@id":"https:\/\/secure.gravatar.com\/avatar\/25a4ee8e86f2359e4cde5aff12e7978900940e3e153b479f354e5fb6cb5c8013?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/25a4ee8e86f2359e4cde5aff12e7978900940e3e153b479f354e5fb6cb5c8013?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/25a4ee8e86f2359e4cde5aff12e7978900940e3e153b479f354e5fb6cb5c8013?s=96&d=mm&r=g","caption":"Lauren Denham"},"url":"https:\/\/www.merkley.senate.gov\/es\/author\/lauren-denham\/"}]}},"_links":{"self":[{"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/posts\/20368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/comments?post=20368"}],"version-history":[{"count":1,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/posts\/20368\/revisions"}],"predecessor-version":[{"id":20369,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/posts\/20368\/revisions\/20369"}],"wp:attachment":[{"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/media?parent=20368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/categories?post=20368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.merkley.senate.gov\/es\/wp-json\/wp\/v2\/tags?post=20368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}