Crypto-friendly Rep. Ritchie Torres Urges CFTC to Regulate Election Markets Following Setback
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Crypto-friendly lawmaker Rep. Ritchie Torres has called on the U.S. Commodity Futures Trading Commission (CFTC) to shift its focus toward regulating election markets in response to a recent court ruling halting political prediction markets.
The New York Democrat’s appeal comes after a U.S. federal appeals court halted Kalshi’s political prediction markets following the CFTC’s request for an emergency stay after losing a similar motion in a lower court.
In a letter sent to CFTC Chair Rostin Behnam, the New York Democrat highlighted the need for responsible innovation and consumer protection, citing concerns over unregulated exchanges that have hosted election markets for years.
The push comes after Judge Jia M. Cobb of the U.S. District Court for the District of Columbia ruled that the CFTC overstepped its authority in blocking Kalshi’s bid to offer contracts tied to U.S. elections. The CFTC later appealed the ruling and had previously expressed concerns that election contracts could “undermine confidence in election integrity.”
Torres wrote as an encouragement:
“In light of this, the CFTC should accept the ruling and look forward. I encourage you to focus on promoting responsible innovation, regulating exchanges, protecting consumers, and safeguarding the sanctity and integrity of elections from illegal and unregulated actors.”
Torres also urged the CFTC to consider the resources consumed by continued court challenges and the potential harm to election integrity if unregulated markets gain further traction. He highlighted the importance
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