skip to main content
skip to newscasts

Monday, April 29, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

At least 4 killed in Oklahoma tornado outbreak; 10 shot outside Florida bar; AZ receives millions of dollars for solar investments; Maine prepares young people for climate change-related jobs, activism; Feds: Grocery chain profits soared during and after a pandemic.

view newscast page
play newscast audioPlay

Ukraine receives much-needed U.S. aid, though it's just getting started. Protesting college students are up in arms about pro-Israel stances. And, end-of-life care advocates stand up for minors' gender-affirming care in Montana.

view newscast page
play newscast audioPlay

More rural working-age people are dying young compared to their urban counterparts, the internet was a lifesaver for rural students during the pandemic but the connection has been broken for many, and conservationists believe a new rule governing public lands will protect them for future generations.

Feds Consider Whether to Allow Betting on Election Outcomes

play audio
Play

Monday, August 28, 2023   

A proposal to allow betting on which political party will control Congress is drawing opposition from pro-democracy groups and from a coalition of progressive senators.

The New York trading company Kalshi has asked the Commodity Futures Trading Commission for approval to offer derivatives trading on so-called "event contracts," specifically, on control of Congress.

Stephen Spaulding, vice president of policy for the nonprofit Common Cause, said gambling on elections is bad for democracy.

"You can imagine wealthy gamblers could make significant money by exploiting disinformation to influence an electoral outcome that would protect the bettors' bottom line," Spaulding pointed out. "This again opens up a significant risk to the perception that the winners and losers of an election are not determined by voters, but by those who stand to gain financially."

Backers of the proposal say it would allow companies to hedge against certain outcomes, limiting risk. Eliezer Mishory, Kalshi's chief regulatory officer, has argued betting on elections is already allowed overseas, and suggests this proposal would give the federal government oversight powers.

Spaulding noted the "Citizens United" Supreme Court decision allowed companies to spend unlimited money on elections, and called betting on elections a "profound threat to democracy."

"You can imagine a situation where an entity places an enormous wager on the outcome of an election, and also funnels resources through Super PACs or other 'dark money' vehicles to influence the outcome of an election," Spaulding explained. "That is inherently, we think, anti-democratic."

Both Common Cause and some U.S. senators, including California's Dianne Feinstein, submitted letters of opposition during the public comment period, which ended in July. The Commodity Futures Trading Commission is expected to make a decision by Sept. 21.

Support for this reporting was provided by The Carnegie Corporation of New York.


get more stories like this via email

more stories
Some groups see disproportionately high rates of suicide, including veterans, racial and ethnic minority groups, people with disabilities and LGBTQIA+ people. (Adobe Stock)

Health and Wellness

play sound

Rates of suicide among young people have increased by about 36% in roughly the last two decades and the surge has caught the attention of federal poli…


play sound

Members of Nebraska's LGBTQ+ community and their supporters saw positive actions at both the state and federal level this month. At the state level…

Social Issues

play sound

Missouri residents are gaining new insights into the powerful role of food in health care as experts and organizations advocate for a shift toward foo…


New Mexico is the second sunniest state in the nation after Arizona, creating maximum opportunities for solar development. (KristinaBlokhin/AdobeStock)

Environment

play sound

New federal funding aims to revolutionize solar energy access within New Mexico's Native American communities and benefit the state overall. The …

Health and Wellness

play sound

Nevada health-care providers, patients and advocates are responding to the U.S. Supreme Court case that'll determine the future of the Emergency …

Environment

play sound

A Knoxville-based environmental group is advocating for the Radiation Exposure Compensation Act expansion, currently awaiting House approval…

Environment

play sound

State officials in Maine are preparing the next generation for climate change-related activism and careers. A new state-run website helps young …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021