Summary of the case between CFTC and Kalshi
The U.S. Commodity Futures Trading Commission (CFTC) is seeking court permission to withdraw its appeal against the prediction market Kalshi. This move could allow the platform to offer political contracts without dispute. On May 5, CFTC lawyers filed a motion to withdraw the appeal, suggesting there is an agreement with Kalshi.
If approved by the court, this move could end the CFTC's appeal against the federal court ruling that the agency cannot prevent Kalshi from listing political event contracts. Kalshi has agreed to bear all legal costs if the court accepts the motion to withdraw the appeal.
The platform stated that "the election market will exist for a long time" after the announcement on May 6. Kalshi initially sued the CFTC in 2023 after being asked to cease offering political contracts. The company won in the lower court, leading to the CFTC's appeal in September 2024.
The case is being handled mainly before the election and the appointment of interim chair Caroline Pham. CFTC Commissioner Summer Mersinger agrees with Kalshi, stating that the election prediction market is "long-lasting."
Kalshi, launched in 2021, gained popularity in the cryptocurrency community partly due to bets related to the 2024 U.S. elections. Although the CFTC believes these bets could lead to market manipulation, the new move indicates a change in perspective.
Source: https://tintucbitcoin.com/hoa-ky-go-bo-khang-cao-voi-kalshi-dong-thai-tich-cuc-cho-tien-dien-tu/
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