Amid Kamala Harris-Trump Polymarket Hype, CFTC Chair Wary Of Turning Into An 'Election Cop' — Wants Congress To Make Moves On Crypto And Election Betting
Portfolio Pulse from Aniket Verma
CFTC Chair Rostin Behnam has called on Congress to regulate cryptocurrency and election betting, highlighting the challenges faced by the CFTC in managing election-related event contracts. Platforms like Polymarket and Kalshi are at the center of this issue, with Kalshi resuming operations after a court ruling and Polymarket facing penalties and restrictions.
October 22, 2024 | 4:04 am
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Polymarket, built on Polygon (MATIC), faces regulatory challenges in the US, impacting its operations and potentially affecting MATIC's perception and usage.
Polymarket's regulatory issues, including a $1.4 million penalty and a cease-and-desist order, highlight the risks associated with platforms built on Polygon. This could negatively impact MATIC's market perception and usage, especially if regulatory scrutiny intensifies.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70