Sen. Jeff Merkley, D-Ore., led a group of lawmakers Monday in pressing the Commodity Futures Trading Commission to ban gambling on American elections.

The letter—signed by Senators Merkley, Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Sheldon Whitehouse (D-RI) and Representatives Eleanor Holmes Norton (D-DC), Jamie Raskin (D-MD), and John Sarbanes (D-MD)—urges 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.

“As we approach the 2024 election, voters already face a political system that allows the richest individuals and corporations to funnel dark money into campaigns without disclosure. The threat of violence and extremism is high, and the U.S. remains a target for foreign actors who have sought to meddle in our elections,” the lawmakers wrote.

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