Comment Text:
Prediction markets - and election markets in particular - operate upon publicly known information, serve as a snapshot of well informed opinion at any given time, and serve to illuminate dark spots. To point out one recent event, the ability for political consultants, lobbyists and reporters to see that the markets were not treating Biden's forceful declarations of staying in the race seriously likely helped clarify that Biden should drop out to otherwise ill informed parties. Election betting is not gambling; the two have very different participants and audiences and the existence of such markets directly advances the public interest.
The CFTC should not be in the business of banning markets that have existed for over 30 years, cost the public nothing, and help clarify genuinely important questions. Instead, the agency in charge of regulating commodity contracts should continue to regulate commodities - not election betting that has little or nothing to do with either gambling or commodities trading.
