New York Congressman: Regulators should not try to ban election betting contracts, but should focus on regulation

On September 14, according to Cointelegraph, New York State Rep. Ritchie Torres argued that U.S. regulators should not try to ban election betting contracts, but should instead focus on regulating them to prevent bad actors from gaining market share.
In a recent letter to Rostin Behnam, chairperson of the US Commodity Futures Trading Commission (CFTC), Ritchie Torres wrote: "I am asking the Commission to consider developing a plan to regulate these markets, rather than prevent them from existing in regulated markets. The CFTC would be more effective if it worked with regulated registrants to enhance the fairness of elections and protect consumers from the dangers of widespread adoption of illegal and unregulated election markets."