ChainCatcher news, according to Cointelegraph, New York Congressman Ritchie Torres recently said that US regulators should not try to ban election betting contracts, but should focus on regulating them to prevent bad actors from gaining market share.

In a letter to Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), Torres mentioned that he suggested that the commission develop a plan to regulate these markets rather than prevent them from existing in regulated markets. He believes that by working with regulated registrants, the CFTC can more effectively enhance the fairness of elections and protect consumers from the dangers of illegal and unregulated election markets.

This view has sparked widespread discussion on the application of blockchain technology in election betting contracts and their regulation.