Comment Text:
The CFTC thinks US people trading election contracts is a threat to democracy. How is this so?
US people are trading election contracts in large numbers. (Polymarket has almost $400M traded on market online)
This is all over the news, WSJ, CNBC, etc. (cite different news articles)
The CFTC could stop this illegal activity from happening, but they are not. You should make your view known to the CFTC that this needs to be stopped now.
In this case, it's even worse than Kalshi's proposal for election contracts. Polymarket is illegal, has no KYC/AML, does not protect consumers, does not prevent manipulation, and is violating a prior CFTC order to stop. Even though they say they don't allow US people to trade, they do, and the vast majority of their traders are US people using a VPN.
Polymarket is raising hundreds of millions of dollars from Peter Thiel and his friends on the premise that if Trump wins, he will stop all enforcement actions against them. So the time to act is now, before the election.
No one is protecting consumers, and the CFTC is failing to enforce the law.
