Comment Text:
Respectfully, I strongly disagree with the Commission’s current stance on election markets. As Commissioner Mersinger correctly noted in her dissent, the Commission lacks the proper authority to take these actions, as the contracts in question neither fall under any of the categories enumerated in the Commodity Exchange Act, nor are they contrary to the public interest under any existing rule or regulation. I further agree with Commissioner Pham’s opinion that the suspension or prohibition of these contracts would be in direct conflict with the ruling of the United States Court of Appeals for the Fifth Circuit’s Order in Clarke et al. v. CFTC, No. 22-51124 (5th Cir.). Congress has mandated that the CFTC promote responsible innovation and fair competition, and the restriction of these markets stands in blatant defiance of that mandate as a significant and unnecessary overreach of authority. I strongly urge the Commission to allow the free and fair competition of political contract markets including both PredictIt and Kalshi.
