New York State Assemblyman Ritchie Torres believes US regulators should not seek to ban election betting contracts, but instead focus on regulating them to prevent bad actors from gaining market share.

In a recent letter to Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, Torres wrote: "I urge the Commission to consider developing a plan to regulate these markets instead of preventing them from existing in a regulated marketplace. If the CFTC works with regulated registrants to strengthen the integrity of elections and protect consumers from the dangers of widespread adoption of illicit and unregulated election markets, it will be more effective."