Last week, two federal court rulings allowed then subsequently disallowed Kalshi from offering futures contracts on the outcome of congressional elections. Over the weekend, federal regulators said it should have never been allowed in the first place.
On 12 September, Judge Jia Cobb from the US District Court for the District of Columbia Circuit ruled that the Commodity Futures Trading Commission (CFTC) “exceeded its statutory authority” when it halted the contracts last year. But hours later, the CFTC appealed to the US Court of Appeals for the District of Columbia Circuit. That court granted a stay, meaning Kalshi cannot offer futures until the appeals court rules. Kalshi and the CFTC are scheduled to give oral arguments for the case on Thursday (19 September).
Kalshi and the CFTC will face off in court- again- on Thursday, to debate the commission's argument that election betting should be frozen pending its appeal pic.twitter.com/GEPbuc5I2D
— Alexander Osipovich (@aosipovic..