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Comment for Proposed Rule 89 FR 48968

  • From: Rajan Narang

    Comment No: 73735
    Date: 5/24/2024

    Comment Text:

    The CFTC has previously set a laudable precedent of defending the integrity of American elections by limiting wagers on electoral and other political outcomes. However, the proposed rule both oversteps past a limit necessary to deter gambling-motivated election interference, and ignores the unregulated gambling is already happening on overseas exchanges. The latter is often driven by the participation of Americans who find themselves without a legitimate outlet to do so at home. It is also worth noting that the study of gambling markets is a useful addition to the realm of political science and its assessment of the veracity of various forms of prediction.

    These competing facets of the public interest can best be served by allowing Americans to wager materially insignificant amounts of money on elections through public markets in the same way that they can with friends and neighbors. To ensure that this money truly remains materially insignificant, a viable system would include a hard cap on both money that can be wagered in an individual market, as well as a hard cap on how much aggregate money any individual can wager across markets.

    I deeply appreciate the Commission's role in defending our democracy and your evident willingness to do so.

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