Commodity Futures Trading Commission chair, Rostin Behnam, has urged Congress to address the regulation of cryptocurrency and election betting legislation.

What Happened: Behnam made these remarks during the Securities Industry and Financial Markets Association’s annual meeting Monday, as reported by The Block. He stated that the CFTC views event contracts on elections as illegal, and such offerings put the agency in a tough spot as an “election cop.”

“This is a classic area where I think Congress should actually weigh in,” Behnam said.

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Why It Matters: Betting platforms like Polymarket and Kalshi have gained significant traction in the ongoing election cycle, with billions gambled on who among Donald Trump and Kamala Harris would become president.

Kalshi resumed taking bets on the outcome of congressional elections after an appeals court lifted a ban on the platform’s operations by the CFTC earlier this month.

On the other hand, Polymarket has remained offshore since the CFTC penalized it $1.4 million and issued a cease-and-desist order for regulatory violations in January 2022. As such, U.S. residents can’t use the platform.

Polymarket, which is built atop Polygon MATIC/USD, has also garnered publicity over concerns of market manipulation and attempts to influence public opinion.

Billionaire investor Mark Cuban stated that he does not believe Polymarket’s odds are indicative of anything meaningful, pointing out the influence of foreign money and questionable legality for U.S. participants.

That said,  the prediction platform has received funding from U.S.-based tech tycoons such as Peter Thiel.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.