‘Explosion’ in election gambling will harm public interest: CFTC
The US commodities regulator says prediction markets can be vulnerable to “spectacular manipulation.”
The United States Commodity Futures Trading Commission says prediction markets can fall to “spectacular manipulation” in the latest filing against US predictions market Kalshi.
“Documented cases of market manipulation have already been realized in the very markets Kalshi points to,” the CFTC stressed, pointing to recent incidents on competitor platforms in the Sept. 14 reply in support of a motion to stay.
Polymarket experienced a “spectacular manipulation” attempt by a group of traders gambling on Vice President Kamala Harris to win the 2024 US presidential election, claimed the CFTC, while a “fake poll” showing Kid Rock leading Senator Debbie Stabenow 30% to 26% in a senate vote on PredictIt impacted the price of Stabenow’s reelection contract.
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Author: Brayden Lindrea
