Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
A federal judge"erred" in letting prediction market purveyor Kalshi list and trade election contracts, attorneys for the U.S. Commodity Futures Trading Commission argued in a brief to an appellate court Wednesday, reiterating many of the arguments it made before the lower court.
The district court judge overseeing Kalshi's suit against the CFTC ignored the definitions of terms under the Commodity Exchange Act and"without basis" barred the agency from examining"'transactions' that involve gaming,"The judge ruled last month that the CFTC couldn't bar Kalshi from listing election contracts.
As a result, Kalshi has listed a number of events contracts tied to the 2024 election, ranging from the winner of the presidential contest to who will win various states. Wednesday's filing went deep into definitions, arguing that the CFTC did not use an"expansive definition of gaming" in its rejection of Kalshi's application to launch election markets.
Kalshi, which is one of two U.S.-regulated prediction markets and settles trade in dollars , had to sit out most of the 2024 election betting boom while its case was pending. Crypto-based, offshore platform Polymarket dominates the field.. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Federal Regulator Says ‘Explosion’ of US Election Betting Will Harm Public InterestA legal battle over de facto election betting continues in the U.S. court system.
Read more »
Federal Appeals Court Allows Betting on 2024 Congressional ElectionsA federal appeals court has refused to block a lower-court ruling that permits Americans to wager on the outcomes of the 2024 congressional elections. The decision overturns the Commodity Futures Trading Commission's (CFTC) attempt to halt KalshiEx, a commodities exchange, from offering 'Congressional Control Contracts'.
Read more »
U.S. Election Betting: CFTC, Kalshi Both Grilled by Judges in Appeals CourtNikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
Read more »
U.S. Election Betting: Court Clears Kalshi Congressional ContractsMarc 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).
Read more »
U.S. Election Betting Set to Resume at Kalshi Following Appeals Court RulingOne of the few legal avenues for de facto election betting in the United States may soon reopen following a favorable ruling for Kalshi.
Read more »
Court ruling opens floodgates for legal United States election bettingLegal gambling on the presidential election and Congressional races got the greenlight Wednesday — and betting could start as soon as this week. The Court of Appeals in DC declined to issue a…
Read more »