New York Congressman Ritchie Torres stated he is "more than happy" to work with the CFTC to develop a plan for regulating election betting contracts in the United States.
New York Congressman Ritchie Torres argued that instead of trying to ban election betting contracts, United States regulators should focus on regulating these contracts to prevent bad actors from gaining market share.
“I would ask that the Commission consider working toward a plan for regulating these markets, rather than preventing them from existing in regulated markets,” Torres wrote in a recent letter to the US Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam, shared by Politico.
The crypto-friendly democrat argued that the regulator should “focus its energies and resources on promoting the responsible innovation for which our financial markets are known.”
