Kalshi’s US Election Prediction Markets Go Live as CFTC Seeks Appeal
The post Kalshi’s US Election Prediction Markets Go Live as CFTC Seeks Appeal appeared on BitcoinEthereumNews.com.
Prediction market platform Kalshi launched its first U.S. election betting pool Thursday following a federal court win against the U.S. Commodity Futures Trading Commission (CFTC), which has appealed the decision in an attempt to stymie gambling on election outcomes. “Today marks the first trade on regulated election markets in nearly a century,” Kalshi founder Tarek Mansour tweeted Thursday. “This one is for you, the prediction markets community.” The CFTC’s appeal, filed Thursday in the U.S. District Court for the District of Columbia, marked federal regulators’ latest attempt to block the legal and regulator prediction market firm from operating political betting pools linked to the 2024 U.S. general election’s outcomes. The regulator has for years made various moves to obstruct the New York-based startup’s plans to offer U.S. elections-based prediction markets due to their potential to “undermine” the “integrity” or “perception… of integrity” of the upcoming U.S. elections, according to the agency’s lawyers. The first election market is live on @Kalshi. Today marks the first trade on regulated election markets in nearly a century. This one is for you, the prediction markets community. pic.twitter.com/USzzVMffQn — Tarek Mansour (@mansourtarek_) September 12, 2024 “This is a very serious public interest threat. We can easily imagine this playing out in the form of misinformation,” CFTC lawyers said Thursday in a court hearing. U.S. District Judge Jia Cobb ruled in favor of the startup earlier on Thursday, however. In her ruling, Judge Cobb criticized the CFTC’s efforts to conduct a public interest review of Kalshi’s election-based prediction markets plans, which would prevent the startup’s betting pools from going live before this election cycle. She argued that the CFTC was overextending its authority over the matter. “Kalshi’s contracts do not involve unlawful activity or gaming. They involve elections, which are neither,” Judge Cobb said early Thursday…
Filed under: News - @ September 12, 2024 11:21 pm