Ahead of the presidential elections in the United States, a financial regulator has moved closer to implementing a ban on derivatives for betting on political contests and sports. Although it remains unclear if the ban would be implemented in time or if at all, in case this happens, bettors looking to place wagers on the upcoming elections may not be able to do so. The move came from the Commodity Futures Trading Commission (CFTC), the independent US government agency that investigates and prosecutes commodities fraud, energy manipulation, hedge fund fraud, and foreign currency schemes among other crimes.
On Friday, the CFTC confirmed it issued a Notice of Proposed Rulemaking. Per the notice, the agency seeks to specify specific events contracts that fall under the scope of the Commodity Exchange Act (CEA). Under the existing rules, the CFTC has the authority to prohibit betting derivatives and event contracts related to war, terrorism, or assassination. Additionally, it can ban wagers on events “contrary to the public interest.” The CFTC has observed an increase in the number and variety of event contracts listed for trading by CFTC-registered exchanges, leading to the need for a more detailed definition of gaming.
Ahead of the presidential elections in the United States, a financial regulator has moved closer to implementing a ban on derivatives for betting on political contests and sports. Although it remains unclear if the ban would be implemented in time or if at all, in case this happens, bettors looking to place wagers on the upcoming elections may not be able to do so. The move came from the Commodity Futures Trading Commission (CFTC), the independent US government agency that investigates and prosecutes commodities fraud, energy manipulation, hedge fund fraud, and foreign currency schemes among other crimes.
On Friday, the CFTC confirmed it issued a Notice of Proposed Rulemaking. Per the notice, the agency seeks to specify specific events contracts that fall under the scope of the Commodity Exchange Act (CEA). Under the existing rules, the CFTC has the authority to prohibit betting derivatives and event contracts related to war, terrorism, or assassination. Additionally, it can ban wagers on events “contrary to the public interest.” The CFTC has observed an increase in the number and variety of event contracts listed for trading by CFTC-registered exchanges, leading to the need for a more detailed definition of gaming.
Continue reading to learn more about the proposed ban on derivative betting and how it could potentially impact the gambling landscape.
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