Aaron Brogan started Brogan Law, a boutique law firm that advises businesses and individuals in cryptocurrency.
This week, Judge Jia Cobb of the U.S. District Court for the District of Columbia ruled in favor of the prediction market Kalshi in its case against the Commodity Futures Trading Commission. As professionals in the space we believe Judge Cobb’s ruling could be among the most important in the history of prediction markets., where he specializes in cryptocurrency regulation and disputes. Matthew Homer is a VC investor and advisor to founders in the crypto space.
The CFTC did not accept this loss. Instead, at a hearing on Sept. 12, it argued repeatedly that this motion should be stayed pending appeal . We know a Republican CFTC would take a less hostile stance to prediction markets than the current Commission because the current Republican Commissioners have told us so. Commissioners Summer Mersinger and Caroline Pham dissented to the Kalshi order and to the proposed rulemaking, with Commissioner Mersinger arguing
There is a bright spot, though. The CFTC’s efforts may be in vain. Under Judge Cobb’s ruling, the proposed rule may not prohibit event contracts involving elections at all.
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