Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
A U.S. federal appeals court halted Kalshi's brand-new political prediction markets, heeding the Commodity Futures Trading Commission's request for an emergency stay after the regulator lost a similar motion to a lower-level judge.that the CFTC exceeded its authority by banning Kalshi from listing U.S. political prediction markets, basically bets on which party might control the House of Representatives or win the White House in any given term.
A screenshot of Kalshi's page for its House prediction market as of 11:40 p.m. ET on Sept. 12, 2024. Kalshi wouldn't be harmed much if the appeals court temporarily halted its contracts, while the public interest may be harmed more if the contracts continued, the CFTC argued."Kalshi will promptly oppose the CFTC’s renewed stay motion on the merits in this Court. But in the meantime, no administrative stay is necessary or appropriate.
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