Merkley: Ruling to Allow Betting on U.S. Congressional Elections is a Disaster for Democracy

Washington, D.C. - Oregon's U.S. Senator Jeff Merkley today issued the following statement after a federal judge refused to pause a decision overturning the Commodity Future Trading Commission's (CFTC) rejection of a proposal by a private prediction market operator to allow legal gambling on U.S. elections:

"When big bets are cast on elections and dark money can smear candidates, you have the perfect combination of factors that can undermine trust in our democracy. This singular decision to make election betting legal in the United States less than 60 days before one of the most consequential elections in American history is deeply damaging to the integrity of our upcoming election.

"Due to this appalling court decision, as of today, billionaires and large corporations can now bet millions on which party controls the House or Senate and then spend big to destroy candidates to protect their bets. The court's ruling to overturn the CFTC's decision-which blocked election gambling-is stunningly reckless.

"We cannot allow this corruption to persist, and I will do all I can to protect the voice of voters and fight for 'We the People.'"

Last year, Merkley urged the CFTC to reject Kalshi's then-pending proposal to allow for legal gambling on U.S. elections and their outcomes. Earlier this summer, Merkley led his colleagues in urging CFTC Chairman Rostin Behnam to finalize and implement a proposed rule to prevent Wall Street from setting up massive political betting markets that could influence and interfere with elections and further erode public trust in democracy. Merkley penned an op-ed to elaborate on the ways that legalizing election betting is a bad bet for democracy.

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