CAP Comment Urges CFTC To Reject Proposal To Allow Betting on Elections

On July 24, 2023, the Center for American Progress filed a comment with the Commodity Futures Trading Commission (CFTC) in response to its request for comment on KalshiEX LLC’s proposed congressional control event contracts. CAP strongly objects to Kalshi’s proposal, which amounts to allowing gambling on American elections. CAP’s comment highlights that Kalshi’s bid misinterprets CFTC jurisdiction and poses a significant threat to American democracy by incentivizing election interference. It draws upon a 2012 CFTC decision banning similar contracts and emphasizes the potential negative impact on democracy and election integrity if the current proposal were to be adopted. CAP firmly urges the CFTC to deny Kalshi’s proposal, as allowing gambling on American elections is not in line with the public interest and could undermine the sanctity of American democracy. Click here to read CAP’s comment letter.