The post Kalshi Launches $100M Betting On US Elections 2024 Amid Court Win appeared on BitcoinEthereumNews.com.

Kalshi Inc. has secured a big win in the court to launch its $100 million betting market on the 2024 U.S. congressional elections. A federal judge ruled against the Commodity Futures Trading Commission (CFTC), which had sought to block the firm’s election-based event contracts. Notably, this move is set to shake up political betting markets and open new avenues for traders in a regulated environment. Kalshi Secures Big Win In Court The CFTC has previously cracked down on Kalshi’s prediction market, with repeated attempts to halt the listings. However, the firm has secured a victory in the court today, where US District Judge Jia Cobb ruled in favor of the company. The CFTC argued that allowing such contracts could impact the integrity of the upcoming US Presidential election, leading to market manipulation. Despite these concerns raised, the judge ruled against the CFTC, saying that the agency had overstepped its regulatory authority by trying to halt the firm’s election-related derivatives from going live. The company CEO Tarek Mansour has lauded the decision. He said that the time had come for these markets to demonstrate their value in offering clarity amid the noise. Besides, he emphasized that the contracts are designed to provide insights into political outcomes. In other words, it makes it easier for the traders who seek clarity to understand the future trends. Notably, the quick launch of the contracts underscores the firm’s readiness to compete with unregistered platforms like Polymarket, and others. Meanwhile, this decision also calls into question the CFTC’s proposed rulemaking on event contracts, which previously categorized political betting as a form of gaming. Legal experts believe this ruling could pave the way for other regulated exchanges to offer similar products, expanding the scope of political betting in the US. Optimism In US Election Betting Market Kalshi’s…

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Filed under: News - @ September 13, 2024 4:19 am