ChainCatcher news, the prediction platform Polymarket has been paying American social media KOLs to promote its election betting services. However, the platform is actually prohibited from offering betting services to U.S. users, including presidential election betting. In September, Polymarket's Senior Growth Director Armand Saramout sought sponsorship agreements with influential figures in the U.S. In recent weeks, several Instagram accounts with large followings have posted sponsored content from Polymarket with the hashtags #PMPartner and #PolymarketPartner. (Bloomberg)

ChainCatcher news, according to The Block, the whale controlling four accounts on Polymarket is a French trader who has spent over $45 million betting on Trump to win the U.S. presidential election.A Polymarket spokesperson stated, "Based on our investigation, we understand that this individual has taken directional positions based on personal views of the election. Furthermore, our investigation to date has not uncovered any information suggesting that this user manipulated or attempted to manipulate the market. The user has agreed not to open any more accounts."

ChainCatcher News, CFTC Chairman Rostin Behnam stated at the SIFMA Annual Meeting that Congress is not expected to take action on cryptocurrency legislation in 2024. He urged Congress to focus on the regulation of crypto assets and election betting issues, emphasizing the importance of these areas. Behnam pointed out that although the FIT21 bill has passed in the House, it has not made further progress in Congress.In addition, the legal dispute between the CFTC and the prediction market Kalshi continues, as Kalshi has begun offering betting services on the U.S. presidential election. The CFTC is working to overturn the court's ruling and seeks to regain regulatory authority over this area.

ChainCatcher news, according to The Block, the federal appeals court ruled that the prediction market platform Kalshi can continue to launch contracts to allow election betting.In an opinion submitted to the U.S. Court of Appeals for the D.C. Circuit, Judge Patricia Millett ruled that the Commodity Futures Trading Commission (CFTC) failed to demonstrate that "if the appeal is not stayed, the public will suffer irreparable harm."Since the CFTC stated at the end of last year that Kalshi could not offer contracts related to "Congressional control contracts," the CFTC and Kalshi have been in litigation.

ChainCatcher News, CFTC Chairman Rostin Behnam stated that the CFTC will continue to argue that Kalshi's election contracts are illegal and warned of potential negative impacts.Last week, a court ruled that the CFTC overstepped its authority in opposing the listing of election-related contracts by Kalshi, and the CFTC has appealed. Behnam believes that allowing the CFTC to regulate election contracts could lead the agency to become involved in investigations of election-related fraud or manipulation, which exceeds the CFTC's mandate.He also stated that the CFTC is closely monitoring overseas prediction markets that serve U.S. customers, and will take enforcement action if any violations occur.Previously, the prediction market Polymarket reached a settlement with the CFTC for not being registered, agreeing to exit the U.S. market.

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."

ChainCatcher news, according to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) has rejected the congressional campaign betting plan of the prediction market Kalshi.After KalshiEx LLC submitted its application in June 2023, the CFTC stated that the plan involves illegal gambling and activities, which is against the public interest.