CFTC Urges Judge to Delay Kalshi Election Contracts for Two Weeks
The Commodity Futures Trading Commission (CFTC) is making a last-ditch effort to prevent prediction market platform Kalshi from listing election contracts for at least 14 days. This move comes after the CFTC lost a court case against Kalshi, with US District Court Judge Jia M. Cobb ruling in favor of the platform. In response, the CFTC has filed an emergency motion asking Judge Cobb to stay her decision until her rationale is published. Without understanding her reasoning, the CFTC argues that it cannot make an informed decision on whether to appeal or request a stay pending an appeal. If the motion is granted, it would mean Kalshi would not be able to offer election markets until late September. Kalshi, which settles trades in US dollars, has been unable to participate in this year’s election betting surge, which has been dominated by crypto-based rival Polymarket.