There is simply no good reason for such a ruling

 [[{“value”:”A top Wall Street regulator has proposed outlawing election betting in the U.S. derivatives markets, with officials warning that the activity poses a threat to the sanctity of American elections. The Commodity Futures Trading Commission, which is charged with regulating the vast and complex derivatives markets, voted 3-2 on Friday to issue a new rule
The post There is simply no good reason for such a ruling appeared first on Marginal REVOLUTION.”}]] 

A top Wall Street regulator has proposed outlawing election betting in the U.S. derivatives markets, with officials warning that the activity poses a threat to the sanctity of American elections.

The Commodity Futures Trading Commission, which is charged with regulating the vast and complex derivatives markets, voted 3-2 on Friday to issue a new rule proposal that would ban so-called event contracts that effectively act as wagers on political elections. The plan would also prohibit those contracts related to sporting events and even awards ceremonies like the Oscars.

And from the horse’s mouth:

“Contracts involving political events ultimately commoditize and degrade the integrity of the uniquely American experience of participating in the democratic electoral process,” CFTC Chair Rostin Behnam said. “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.”

Behnam was joined in supporting the proposal by fellow Democratic Commissioners Kristin Johnson and Christy Goldsmith Romero.

Here is the full Politico article.  How can you put such people in charge of things?  What else do they want to stop us from doing?  Is it so difficult for them to imagine a world where the election forecasts we can find on Predictit — among other sources — simply continue and that is perfectly fine, as it has been for years?

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 Current Affairs, Law, Uncategorized