US lawmakers call on CFTC to ban election gambling like Polymarket

On August 6th, according to CryptoSlate, as election-related gambling on Polymarket reached a historic high, US legislators are calling on the CFTC to ban election gambling. Senators such as Elizabeth Warren stated that election gambling would harm public trust and the democratic process, and requested that the CFTC immediately develop rules to prevent the "commodification" of elections.Previously, due to former President Trump's failed assassination attempt and current President Biden's withdrawal from the race, Polymarket's election-related trading volume almost doubled to $1 billion in July. Legislators warned that election gambling may shift voter motivations towards financial incentives and allow political insiders to profit from non-public information, further eroding public trust.