Today, the Commodity Futures Trading Commission (CFTC) rejected a request to legalize gambling on U.S. election outcomes. In July, Common Cause filed comments, co-signed by more than 15,000 of its members, strongly urging the CFTC to reject the proposal arguing that KalshiEX, LLC’s (“Kalshi”) proposed Congressional control event contract posed “new and profound threats to the integrity of our democracy and our elections.”
“Today’s decision by the CFTC to block a bid to legalize gambling on U.S. elections is a victory for the American people who expect and deserve free and fair elections,” said Marilyn Carpinteyro, Common Cause Interim Co-President. “The CFTC clearly recognized the extreme danger inherent in allowing legalized gambling on election outcomes. Gambling has no place in our elections. Our democracy is too precious and too fragile to further incentivize bad actors to attempt to manipulate election results. As a nation we should be working to strengthen Americans’ confidence in our elections, and today’s decision by the CFTC is a step in the right direction.”
Kalshi previously sought CFTC approval to take bets on the 2022 midterms but ultimately withdrew its proposal after Commission staff raised concerns and recommended rejecting the proposal.
Common Cause’s comments, co-signed by more than 15,000 members, urged the CFTC to reject Kalshi’s proposal pursuant to 17 C.F.R. § 40.11 as contrary to the public interest.
To read the comments, click here.