New York State Congressman: Regulators should not attempt to ban election betting contracts, but should focus on regulation

ChainCatcher news, according to Cointelegraph, New York Congressman Ritchie Torres believes that U.S. regulators should not attempt to ban election betting contracts, but should focus on regulating these contracts to prevent bad actors from gaining market share.

In a recent letter to Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, Ritchie Torres wrote: "I urge the Commission to consider developing a plan to regulate these markets, rather than preventing them from existing in regulated markets. If the CFTC collaborates with regulated registrants to enhance the integrity of elections and protect consumers from the dangers posed by the widespread adoption of illegal and unregulated election markets, it will be more effective."