Kalshi Allowed to Reinstate Listed Congressional Control Contracts, CFTC Appeal Dismissed
With the U.S. election a month away, prediction market Kalshi has been allowed to resume listing the Congressional Control Contract, CoinDesk reports. On Tuesday, the U.S. Court of Appeals for the District of Columbia denied a motion by the Commodity Futures Trading Commission (CFTC) to allow Kalshi to continue listing the contract.
Judge Patricia Millett said the CFTC had failed to show that it or the public would suffer irreparable harm during the appeal, and therefore denied its motion to stay. Kalshi listed the contract on Sept. 13, but it was temporarily suspended after only a few hours of trading.
Kalshi sued the CFTC last year over its refusal to approve the election contract application, arguing it constituted gambling and was not in the public interest. Judge Millett said the CFTC failed to prove irreparable harm and therefore could not get a stay.
Despite Kalshi's court battle against the CFTC, its rival Polymarket, which has been banned from operating in the U.S., saw record trading volume of more than $1 billion during this year's election. a Kalshi spokesman said no timetable has been set for resuming listing the contracts, but it will be soon.
The CFTC is considering banning election betting rules on all futures exchanges. Judge Millett suggested that the CFTC could ban election contracts by formal rule or public notice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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