"This is a situation that we think is against the law," Behnam said at a financial policy event at Georgetown University's Psaros Center for Financial Markets and Policy. "We will continue to make that case."
Behnam reiterated that having the CFTC policing U.S. elections in cases of market manipulation is a dangerous road. The agency is in the middle of a rulemaking process that would institute a blanket ban on prediction markets from its regulated businesses.
If users find election betting useful, the chairman said that it should be overseen elsewhere. "If folks really want to see these markets emerge, scale and develop ... it should be done at the state level within the gambling industry," Behnam said.
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