Comment Text:
I urge the CFTC to reject this proposal because allowing betting on elections is harmful to the public interest.
Allowing betting on election outcomes will create even stronger financial interest in corrupting and manipulating election outcomes than system we already have. This proposal will also further undermine public confidence and trust in elections, given the major financial players who will have a large (larger than even the current system) monetary stake in the election outcome. The existence of betting markets on election outcomes also provides a huge opportunity for unethical actors to promote narratives that election outcomes are not to be trusted.
It is critical that elections are decided by voters who make their voting decisions in order to serve our society's best interests. Betting on elections creates a separate financial incentive for voters and other actors to work towards outcomes that serve their personal financial interests, rather than the public interest. Accordingly, I think the CFTC should reject this proposal.
