OPINION: Why the push to legalize gambling on U.S. elections is so dangerous

OPINION: Why the push to legalize gambling on U.S. elections is so dangerous

Article brief provided by Los Angeles Times
  • Dennis Kelleher and Lisa Gilbert, Los Angeles Times
June 3, 2024 7:51 PM
  • Dennis Kelleher and Lisa Gilbert, Los Angeles Times

Free and fair elections, the foundation of our democracy, face an unprecedented array of threats as the next one approaches. While some of these threats are well-known, others go largely unnoticed, with potentially serious consequences. Among the latter is a dangerous attempt to persuade one of our financial regulators to essentially authorize gambling on election results.

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You might expect such a question to be answered by the Federal Election Commission, the agency with the expertise, history and authority to regulate elections. But a financial services company in fact petitioned an obscure financial regulatory agency to allow betting on elections through the commodities market, a prospect that could unleash a torrent of misinformation and harm investors for no discernible purpose.