CFTC's Appeal Withdrawn in Kalshi Election Betting Case
The CFTC appealed a federal judge’s ruling last year clearing Kalshi’s listing of a political prediction market, arguing that it presented a “profound” harm to the public.
The Commodity Futures Trading Commission (CFTC) has decided to drop its appeal in the Kalshi election betting case, bringing an end to a legal battle that has garnered significant attention.
In a surprising turn of events, the CFTC's move signifies a shift in its stance on the matter. The federal judge's ruling last year that allowed Kalshi to list a political prediction market has now been left unchallenged by the regulatory body.
This decision comes after the CFTC previously argued that Kalshi's platform could cause harm to the public by facilitating betting on political outcomes. However, with the withdrawal of the appeal, it appears that the CFTC has chosen not to pursue further legal action in this case.
The outcome of this development could have implications for the future of prediction markets and online betting platforms in the regulatory landscape.