U.S. Election Betting: What’s at Stake in Final (?) CFTC-Kalshi Showdown

Polymarket, which is barred from the U.S. under a CFTC settlement, has been the main beneficiary of this year’s boom, with $875 million worth of cryptocurrency bet in a smart contract on the presidential election as of Wednesday afternoon. (Unlike PredictIt and Kalshi, which settle trades in dollars, Polymarket’s bets are denominated in USDC, a dollar-linked token, or stablecoin.)

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