Stalemate in the battle! The outcome of the U.S. election may be delayed tonight, how should FTX contracts be settled?

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Stalemate in U.S. Election Results

The U.S. presidential election is currently deadlocked, with the election results potentially unable to be determined within the scheduled timeframe. This is due to the fact that swing states such as Pennsylvania, Michigan, Wisconsin, and North Carolina have a majority of mail-in ballots. Additionally, with the current situation showing Joe Biden and Donald Trump neck and neck in votes, these ballots may determine the final election outcome.

Pennsylvania and Michigan have counted about 60% of the votes, with Trump leading significantly. Wisconsin and North Carolina have counted about 80-90% of the votes, with Trump leading by only 2-3 percentage points.

If a winner cannot be confirmed soon in the U.S. presidential election, it may lead to legal disputes. Candidate Trump recently criticized on Twitter, alleging that the Democratic Party intends to steal his victory and that voting should not continue after the polls close.

https://twitter.com/realDonaldTrump/status/1323864823680126977

How Will FTX Handle the Delivery of Election Contracts? SBF Explains

Updated on 11/5: In an official announcement on November 5, it was stated that the contracts will not be settled before 6 AM on November 6 (Taiwan time).

Updated on 11/4: Observations indicate that the trading page has been updated to settle before 8 AM on November 15, but the official announcement should be considered the primary source.

Users who bet on the 2020 election contracts on the FTX exchange are most concerned about how the official decision will be made regarding the settlement.

According to the contract terms, under normal circumstances, "any candidate who receives at least 270 electoral votes in the U.S. presidential election on November 3, 2020, will be considered the President-elect." However, if the election results are delayed beyond November 5 and it is still uncertain who the winner is, FTX's resolution is:

"If Trump is still the U.S. president on February 1, 2021, then he will be deemed the winner."

These are the specific terms of the FTX 2020 election contract, as directly communicated by FTX founder Sam Bankman-Fried regarding how issues will be addressed. He stated that the election results will not be decided tonight and may take some time.

He further explained that the problem lies in the fact that over half of the votes were cast early or through mail-in methods, and they are still trickling in. Each state has different rules on how and when to count votes, and some rules may face legal challenges (including extended deadlines, voting times, ballots received after election day, and form errors).

He added that it will take another approximately 10 hours or longer for the votes to be counted and the results to emerge. Many key states have not yet counted the majority of votes, and the count appears very close, so both outcomes are possible.

"We will settle as soon as the winner is confirmed, and if there are any changes or necessary adjustments, we will send a notification via email."