Saturday, September 23, 2023

CFTC: Big Players Can Bet On Elections, Regular People Can't

From today's Morning Brew (that is an affiliate link, and I earn swag by referring "free" newsletter subscribers -- I think my next acquisition will be a backpack):

The Commodity Futures Trading Commission (CFTC) rejected a proposal yesterday from the online financial exchange Kalshi for offering cash bets on US House or Senate elections. ... [CFTC chair Rostin] Behnam claimed election betting reduces "key facets of the democratic process to a source of revenue for some, fascination and entertainment for others."

Every company making campaign contributions is already placing bets on election outcomes for the express purpose of making the US government into (or keeping it as) a "source of revenue."

And elections are already a "source of ... fascination and entertainment" for lots of regular people.

Why should those regular people be forbidden to place honest, open bets on election outcomes for profit/entertainment purposes, while Very Special Important people are allowed to make such bets in the guise of campaign contributions and lobbying expenditures?

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