Marc Hochstein is CoinDesk's Deputy Editor-in-Chief for Features, Opinion, Ethics and Standards. He holds BTC above CoinDesk's disclosure threshold of $1K and de minimis amounts of other digital assets (details in bio).
Warning of an imminent"explosion in election gambling," the U.S. Commodity Futures Trading Commission asked an appeals court to extend the"The district court’s order has been construed by Kalshi and others as open season for election gambling," the CFTC said in athat the regulator shouldn't have stopped the company from offering contracts on which party will control each house of Congress.
Unless the U.S. Appeals Court for the District of Columbia extends the pause on Kalshi's contracts for the appeal's duration, other CFTC-regulated exchanges will follow suit, the agency said. "An explosion in election gambling on U.S. futures exchanges will harm the public interest." The harms include market manipulation and"damage to electoral integrity," the CFTC reiterated.
Kalshi offers hundreds of other event contracts, the agency noted, and"f it prevails on appeal, it can list election contracts into the foreseeable future and make up its losses." Besides, Kalshi should seen this fight coming, the CFTC said."Kalshi's sunk costs are not attributable to a stay, they are attributable to Kalshi’s decision to spend big on election gambling, knowing that the Commission disapproved such contracts in the past."Kalshi, which does business only in the U.S.
"We are the ones who were trying to comply with the law, and the beneficiaries of the delay are the actors who don't want to comply with the law," Yaakov Roth of Jones Day, Kalshi's lead attorney, said at a hearing Thursday."A pharmacy does not get to dispense cocaine just because it is sold on the black market," the agency said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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