View or download a PDF of the letter here.
Americans for Financial Reform Education Fund, Demand Progress Education Fund, and Public Citizen submitted a letter opposing the Commodity Futures Trading Commission (CFTC)’s proposal related to event contracts and prediction markets. The letter details that the CFTC does not have, and cannot have, legal jurisdiction over what are essentially gambling bets that are regulated by the states and tribal authorities. It further documents the extraordinary harms that so-called prediction markets, where such bets are traded, pose to consumers and businesses, the financial system, and our democracy.