Us Congress Senate Bill SB5100

Us Congress 2023-2024 Regular Session

• Introduced: 9/18/24
• Refer: 9/18/24

Caption

Ban Gambling on Elections Act of 2024

Impact

If enacted, SB5100 will affect current laws by adding a specific prohibition against trade and transactions related to political elections, thereby disallowing any practices that could allow for gambling on these events. This action would bring clear statutory language to ensure that political election events are not subject to market manipulations through gambling. As a result, state laws regarding permissible betting and gambling would have to integrate this federal prohibition, creating a clearer framework for both states and election regulators.

Summary

SB5100, known as the 'Ban Gambling on Elections Act of 2024', is aimed at amending the Commodity Exchange Act to prohibit all agreements, contracts, transactions, or swaps that involve political elections or contests. This legislation marks a significant move to regulate the intersection of gambling and elections, reflecting concerns about the potential implications of betting on electoral outcomes. The introduction of this bill underscores a growing awareness of the unauthorized trading activities that could undermine the integrity of electoral processes.

Contention

The bill is likely to face some contention, particularly around the implications of freedom of speech and business practices within the gambling industry. Proponents argue that betting on elections can distort democratic processes, enabling wealthy individuals or entities to influence outcomes covertly. On the other hand, critics might raise concerns regarding the infringement of market freedoms and practices, suggesting that such a prohibition could set a precedent for limiting other forms of betting, potentially impacting the broader gambling industry including legal sportsbooks. This scenario could lead to discussions on the balance between regulatory oversight and personal freedoms in the context of electoral integrity.