A federal judge overturned a 2023 decision by the CFTC Friday that blocked the prediction startup from listing its congressional-control contracts.
A federal judge overturned a 2023 decision by the CFTC Friday blocking the prediction startup from listing its congressional-control contracts.Bettors will be able to wager on that outcome and other election betting markets as soon as Tuesday morning, according tofrom The Wall Street Journal. However, with regulators filing an emergency motion while they considered an appeal, it's still unclear when political markets will go live.
The New York-based company’s co-founder and CEO, Tarek Mansour, posted on X about the milestone, calling it a"historic moment for financial markets."The top Wall Street regulator filed an emergency motion asking Judge Cobb to stay her decision until Sept. 22. Cobb did not immediately release the reasoning behind her ruling, which the CFTC highlighted in its motion, saying that it was in “the unenviable position of finding out that it has lost but without any explanation or reasoning.
“At a time when distrust in elections is at an all-time high, even a short listing of contracts… could harm public perception of election integrity and undermine confidence in elections,” the CFTC said. Kalshi’s supporters argue that its proposed election contracts pose safer bets for American users than the foreign operators offering election betting and could even produce useful data for political scientists.
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