Former SEC chief of staff Amanda Fischer criticized Bill Ackman’s suggestion to NYC Mayor Eric Adams on a Polymarket betting deal, calling it “very illegal.” Ackman highlighted NYC Mayoral Election odds on Polymarket, advising Adams to withdraw from the race to preserve his reputation. Ackman recommended Adams bet on Andrew Cuomo’s winning chances and cash out once odds rise, causing controversy. Fischer and former CFTC General Counsel Rob Schwartz agreed that the proposal violates the Commodity Exchange Act, finding it illegal due to Polymarket’s classification as a “futures exchange.” Polymarket, a decentralized prediction platform, recently gained CFTC approval to operate in the U.S. after acquiring QCEX.

Read more at Yahoo Finance: Ex-SEC Official Slams Bill Ackman’s ‘Very Illegal’ Proposal Urging NYC Mayor Adams To Bet On Cuomo’s Polymarket Election Odds